Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2013 | Nov. 01, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'PEABODY ENERGY CORP | ' |
Entity Central Index Key | '0001064728 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 269,831,173 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Sales | $1,621.40 | $1,797.20 | $4,787.20 | $5,282 |
Other revenues | 176.2 | 261.6 | 483.7 | 778.6 |
Total revenues | 1,797.60 | 2,058.80 | 5,270.90 | 6,060.60 |
Costs and expenses | ' | ' | ' | ' |
Operating costs and expenses (exclusive of items shown separately below) | 1,432.10 | 1,501.30 | 4,258.70 | 4,389.10 |
Depreciation, depletion and amortization | 186.4 | 172.5 | 542.8 | 470.7 |
Asset retirement obligation expenses | 13.4 | 21.1 | 50.7 | 53.3 |
Selling and administrative expenses | 55 | 68.7 | 184.1 | 202.4 |
Other operating (income) loss: | ' | ' | ' | ' |
Net gain on disposal or exchange of assets | -4.1 | -0.2 | -49.9 | -7.6 |
Asset impairment | 0 | 7.7 | 21.5 | 7.7 |
Loss from equity affiliates | 2.6 | 21.2 | 35.6 | 50.5 |
Operating profit | 112.2 | 266.5 | 227.4 | 894.5 |
Interest expense | 111 | 99.4 | 323.1 | 308.3 |
Interest income | -4.2 | -5.1 | -11.2 | -19.7 |
Income (loss) from continuing operations before income taxes | 5.4 | 172.2 | -84.5 | 605.9 |
Income tax (benefit) provision | -18.6 | 49.3 | -199.6 | 85.5 |
Income from continuing operations, net of income taxes | 24 | 122.9 | 115.1 | 520.4 |
Loss from discontinued operations, net of income taxes | -43.1 | -81.3 | -66.5 | -92.7 |
Net (loss) income | -19.1 | 41.6 | 48.6 | 427.7 |
Less: Net income (loss) attributable to noncontrolling interests | 7 | -1.3 | 7.8 | 7.4 |
Net (loss) income attributable to common stockholders | ($26.10) | $42.90 | $40.80 | $420.30 |
Income from continuing operations: | ' | ' | ' | ' |
Basic earnings per share | $0.06 | $0.46 | $0.40 | $1.89 |
Diluted earnings per share | $0.06 | $0.46 | $0.40 | $1.89 |
Net (loss) income attributable to common stockholders: | ' | ' | ' | ' |
Basic earnings per share | ($0.10) | $0.16 | $0.15 | $1.55 |
Diluted earnings per share | ($0.10) | $0.16 | $0.15 | $1.55 |
Dividends declared per share | $0.09 | $0.09 | $0.26 | $0.26 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $551.30 | $558.80 |
Accounts receivable, net of allowance for doubtful accounts of $4.2 at September 30, 2013 and $13.7 at December 31, 2012 | 701.7 | 737.8 |
Inventories | 563.2 | 548.4 |
Assets from coal trading activities, net | 43 | 52.4 |
Deferred income taxes | 69.5 | 56.4 |
Other current assets | 359.1 | 621.7 |
Total current assets | 2,287.80 | 2,575.50 |
Property, plant, equipment and mine development | ' | ' |
Land and coal interests | 11,051.40 | 10,947.70 |
Buildings and improvements | 1,904.80 | 1,784.50 |
Machinery and equipment | 2,617.20 | 2,699 |
Less: accumulated depreciation, depletion and amortization | -4,125.10 | -3,629.50 |
Property, plant, equipment and mine development, net | 11,448.30 | 11,801.70 |
Investments and other assets | 1,154.80 | 1,431.80 |
Total assets | 14,890.90 | 15,809 |
Current liabilities | ' | ' |
Current maturities of long-term debt | 34.2 | 47.8 |
Liabilities from coal trading activities, net | 10 | 19.4 |
Accounts payable and accrued expenses | 1,615.30 | 1,606.90 |
Total current liabilities | 1,659.50 | 1,674.10 |
Long-term debt, less current maturities | 5,973.30 | 6,205.10 |
Deferred income taxes | 237 | 577.3 |
Asset retirement obligations | 717.3 | 687.5 |
Accrued postretirement benefit costs | 954 | 960.7 |
Other noncurrent liabilities | 814.9 | 765.5 |
Total liabilities | 10,356 | 10,870.20 |
Stockholders' equity | ' | ' |
Additional paid-in capital | 2,328 | 2,286.30 |
Treasury stock, at cost: 13.8 shares as of September 30, 2013 and 13.7 shares as of December 31, 2012 | -464.5 | -461.6 |
Retained earnings | 3,038.40 | 3,066.40 |
Accumulated other comprehensive (loss) income | -405.9 | 11 |
Peabody Energy Corporation's stockholders' equity | 4,498.80 | 4,904.90 |
Noncontrolling interests | 36.1 | 33.9 |
Total stockholders' equity | 4,534.90 | 4,938.80 |
Total liabilities and stockholders' equity | 14,890.90 | 15,809 |
Preferred Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Preferred Stock | 0 | 0 |
Perpetual Preferred Stock | ' | ' |
Stockholders' equity | ' | ' |
Preferred Stock | 0 | 0 |
Series Common Stock | ' | ' |
Stockholders' equity | ' | ' |
Common Stock | 0 | 0 |
Common Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common Stock | $2.80 | $2.80 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Net (loss) income | ($19.10) | $41.60 | $48.60 | $427.70 | ||
Unrealized holding gains (losses) on available-for-sale securities | 2.9 | -5.1 | -10.7 | -19.2 | ||
Less: Reclassification for realized losses included in net income | 0 | [1] | 0 | 13.3 | [1] | 0 |
Net change in unrealized gains (losses) on available-for-sale securities | 2.9 | -5.1 | 2.6 | -19.2 | ||
Increase (decrease) in fair value of cash flow hedges | 27.3 | 111.5 | -217.7 | 302 | ||
Less: Reclassification for realized gains included in net income | -34.8 | [1] | -57.7 | -175.5 | [1] | -179.2 |
Net unrealized (losses) gains on cash flow hedges | -7.5 | 53.8 | -393.2 | 122.8 | ||
Amortization of actuarial loss and prior service cost for postretirement plans and workers' compensation obligations (net of respective tax provisions of $8.3, $8.1, $25.0 and $24.2) | 14.2 | 13.9 | 42.6 | 41.6 | ||
Foreign currency translation adjustment | 4.5 | 13.8 | -68.9 | 20.4 | ||
Other comprehensive income (loss), net of income taxes | 14.1 | 76.4 | -416.9 | 165.6 | ||
Comprehensive (loss) income | -5 | 118 | -368.3 | 593.3 | ||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 7 | -1.3 | 7.8 | 7.4 | ||
Comprehensive (loss) income attributable to common stockholders | ($12) | $119.30 | ($376.10) | $585.90 | ||
[1] | Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Current assets | ' | ' |
Allowance for doubtful accounts receivable, current | $4.20 | $13.70 |
Stockholders' equity | ' | ' |
Treasury Stock, shares | 13,800,000 | 13,700,000 |
Preferred Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Preferred Stock, par or stated value per share | $0.01 | $0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Perpetual Preferred Stock Member | ' | ' |
Stockholders' equity | ' | ' |
Preferred Stock, shares authorized | 800,000 | 800,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Series Common Stock Member | ' | ' |
Stockholders' equity | ' | ' |
Common Stock, par or stated value per share | $0.01 | $0.01 |
Common Stock, shares authorized | 40,000,000 | 40,000,000 |
Common Stock, shares issued | 0 | 0 |
Common Stock, shares outstanding | 0 | 0 |
Common Stock [Member] | ' | ' |
Stockholders' equity | ' | ' |
Common Stock, par or stated value per share | $0.01 | $0.01 |
Common Stock, shares authorized | 800,000,000 | 800,000,000 |
Common Stock, shares issued | 283,600,000 | 282,300,000 |
Common Stock, shares outstanding | 269,800,000 | 268,600,000 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statement of Comprehensive Income (Parenthetical) (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net change in unrealized holding gains (losses) on available-for-sale securities, tax provisions (benefits) | $1.80 | ($3) | $1.70 | ($11.20) |
Net unrealized (losses) gains on cash flow hedges, tax provisions (benefit) | 6.7 | 36.8 | -221.3 | 39.7 |
Amortization of actuarial loss and prior service cost for postretirement plans and workers' compensation obligations, tax provisions | $8.30 | $8.10 | $25 | $24.20 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities | ' | ' |
Net income | $48.60 | $427.70 |
Loss from discontinued operations, net of income taxes | 66.5 | 92.7 |
Income from continuing operations, net of income taxes | 115.1 | 520.4 |
Adjustments to reconcile income from continuing operations, net of income taxes to net cash provided by operating activities: | ' | ' |
Depreciation, depletion and amortization | 542.8 | 470.7 |
Noncash interest expense | 27.5 | 15.7 |
Deferred income taxes | -261.3 | -162.6 |
Share-based compensation | 39.5 | 34.9 |
Asset impairment | 21.5 | 7.7 |
Net gain on disposal or exchange of assets | -49.9 | -7.6 |
Loss from equity affiliates | 35.6 | 50.5 |
Changes in current assets and liabilities: | ' | ' |
Accounts receivable | 54.7 | 259 |
Change in receivable from accounts receivable securitization program | 40.9 | -50 |
Inventories | -15 | -117.4 |
Net assets from coal trading activities | -41.2 | 145.6 |
Other current assets | 11 | 42.7 |
Accounts payable and accrued expenses | -21.9 | 84.6 |
Asset retirement obligations | 35 | 39.8 |
Accrued postretirement benefit costs | 10 | 27.7 |
Accrued pension costs | 37.1 | 24.7 |
Other, net | -3.8 | -12.7 |
Net cash provided by continuing operations | 577.6 | 1,373.70 |
Net cash used in discontinued operations | -33.6 | -82.2 |
Net cash provided by operating activities | 544 | 1,291.50 |
Cash Flows From Investing Activities | ' | ' |
Additions to property, plant, equipment and mine development | -228.7 | -732.1 |
Changes in accrued expenses related to capital expenditures | -102.6 | 0 |
Federal coal lease expenditures | -89.5 | -247.9 |
Investment in Prairie State Energy Campus | 0 | -9.4 |
Proceeds from disposal of assets, net of notes receivable | 133.3 | 93.5 |
Purchases of debt securities | -9.9 | -23.8 |
Proceeds from sales and maturities of debt securities | 17.7 | 39 |
Proceeds from the maturity of short-term investments | 4.8 | 0 |
Contributions to joint ventures | -539.8 | -531.2 |
Distributions from joint ventures | 576.6 | 527.7 |
Advances to related parties | -39.5 | -743.4 |
Repayment of loans from related parties | 22.7 | 720.2 |
Other, net | -4.2 | -3.2 |
Net cash used in continuing operations | -259.1 | -910.6 |
Net cash used in discontinued operations | -1 | -11.2 |
Net cash used in investing activities | -260.1 | -921.8 |
Cash Flows From Financing Activities | ' | ' |
Repayments of long-term debt | -1,384 | -305.7 |
Proceeds from long-term debt | 1,188 | 0 |
Common stock repurchase | 0 | -99.9 |
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | 0 | -49.8 |
Dividends paid | -68.8 | -69.1 |
Payments of debt issuance costs | -22.8 | 0 |
Repurchase of employee common stock relinquished for tax withholding | -2.9 | -8.3 |
Excess tax benefits related to share-based compensation | 0 | 3.6 |
Other, net | -0.9 | 8.4 |
Net cash used in financing activities | -291.4 | -520.8 |
Net change in cash and cash equivalents | -7.5 | -151.1 |
Cash and cash equivalents at beginning of period | 558.8 | 799.1 |
Cash and cash equivalents at end of period | $551.30 | $648 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Net income | ($19.10) | $48.60 | ' |
Net income attributable to noncontrolling interests | 7 | 7.8 | ' |
Comprehensive income: | ' | ' | ' |
Net change in unrealized holding gains on available-for-sale securities (net of $1.7 tax provision) | 2.9 | 2.6 | ' |
Net unrealized losses on cash flow hedges (net of $221.3 tax benefit) | -7.5 | -393.2 | ' |
Postretirement plans and workersb compensation obligations (net of $25.0 tax provision) | 14.2 | 42.6 | ' |
Foreign currency translation adjustment | 4.5 | -68.9 | ' |
Dividends paid | ' | -68.8 | ' |
Share-based compensation | ' | 39.5 | ' |
Write off of excess tax benefits related to share-based compensation | ' | -4.4 | ' |
Stock options exercised | ' | 0.3 | ' |
Employee stock purchases | ' | 6.3 | ' |
Repurchase of employee common stock relinquished for tax withholding | ' | -2.9 | ' |
Distributions to noncontrolling interests | ' | -5.6 | ' |
Ending Balance | 4,534.90 | 4,534.90 | 4,938.80 |
Common Stock | ' | ' | ' |
Comprehensive income: | ' | ' | ' |
Ending Balance | 2.8 | 2.8 | 2.8 |
Additional Paid-in Capital | ' | ' | ' |
Comprehensive income: | ' | ' | ' |
Share-based compensation | ' | 39.5 | ' |
Write off of excess tax benefits related to share-based compensation | ' | -4.4 | ' |
Stock options exercised | ' | 0.3 | ' |
Employee stock purchases | ' | 6.3 | ' |
Ending Balance | 2,328 | 2,328 | 2,286.30 |
Treasury Stock | ' | ' | ' |
Comprehensive income: | ' | ' | ' |
Repurchase of employee common stock relinquished for tax withholding | ' | -2.9 | ' |
Ending Balance | -464.5 | -464.5 | -461.6 |
Retained Earnings | ' | ' | ' |
Net income | ' | 40.8 | ' |
Comprehensive income: | ' | ' | ' |
Dividends paid | ' | -68.8 | ' |
Ending Balance | 3,038.40 | 3,038.40 | 3,066.40 |
Accumulated Other Comprehensive Income (Loss) | ' | ' | ' |
Comprehensive income: | ' | ' | ' |
Net change in unrealized holding gains on available-for-sale securities (net of $1.7 tax provision) | ' | 2.6 | ' |
Net unrealized losses on cash flow hedges (net of $221.3 tax benefit) | ' | -393.2 | ' |
Postretirement plans and workersb compensation obligations (net of $25.0 tax provision) | ' | 42.6 | ' |
Foreign currency translation adjustment | ' | -68.9 | ' |
Ending Balance | -405.9 | -405.9 | 11 |
Noncontrolling Interests | ' | ' | ' |
Net income attributable to noncontrolling interests | ' | 7.8 | ' |
Comprehensive income: | ' | ' | ' |
Distributions to noncontrolling interests | ' | -5.6 | ' |
Ending Balance | $36.10 | $36.10 | $33.90 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Comprehensive income: | ' | ' | ' | ' |
Net change in unrealized holding gains on available-for-sale securities, tax provision | $1.80 | ($3) | $1.70 | ($11.20) |
Net unrealized losses on cash flow hedges, tax benefit | 6.7 | 36.8 | -221.3 | 39.7 |
Postretirement plans and workers' compensation obligations, tax provision | ' | ' | $25 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The condensed consolidated financial statements include the accounts of Peabody Energy Corporation (the Company) and its affiliates. Interests in subsidiaries controlled by the Company are consolidated with any outside shareholder interests reflected as noncontrolling interests, except when the Company has an undivided interest in an unincorporated joint venture. In those cases, the Company includes its proportionate share in the assets, liabilities, revenues and expenses of the jointly controlled entities within each applicable line item of the unaudited condensed consolidated financial statements. All intercompany transactions, profits and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform with 2013 presentation. | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 2012 Annual Report on Form 10-K. In the opinion of management, these financial statements reflect all normal, recurring adjustments necessary for a fair presentation. Balance sheet information presented herein as of December 31, 2012 has been derived from the Company’s audited consolidated balance sheet at that date. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2013. | |
The Company classifies items within discontinued operations in the unaudited condensed consolidated financial statements when the operations and cash flows of a particular component of the Company have been (or will be) eliminated from the ongoing operations of the Company as a result of a disposal (by sale or otherwise) and the Company will no longer have any significant continuing involvement in the operation of that component. |
Newly_Adopted_Accounting_Stand
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | ' |
Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented | |
Presentation of Unrecognized Tax Benefits | |
In July 2013, the Financial Accounting Standards Board (FASB) issued accounting guidance requiring entities to present unrecognized tax benefits as a reduction to any related deferred tax assets for net operating losses, similar tax losses or tax credit carryforwards if such settlement is required or expected in the event an uncertain tax position is disallowed. Currently effective U.S. GAAP does not provide explicit guidance on the topic. The new presentation guidance will become effective for interim and annual periods beginning after December 15, 2013 (January 1, 2014 for the Company). While the adoption of this guidance may impact the presentation of unrecognized tax benefits in the Company's consolidated balance sheet, it will not affect the Company's results of operations, financial condition or cash flows. | |
Balance Sheet Offsetting | |
In December 2011, the FASB issued accounting guidance, which was further clarified in January 2013, requiring additional information intended to help reconcile existing differences in balance sheet offsetting requirements under U.S. GAAP and International Financial Reporting Standards. While this standard leaves existing guidance surrounding the offsetting of financial assets and liabilities unchanged, it requires several additional disclosures, including gross and net information about instruments and transactions eligible for offset in the balance sheet and instruments and transactions subject to a master netting arrangement or a similar agreement. The guidance applies to the Company's derivatives, which include both non-coal trading derivative financial instruments held for risk management purposes and derivative contracts associated with the Company's trading and brokerage activities. The guidance became effective for the Company for interim and annual reporting periods beginning on or after January 1, 2013. While the adoption of this guidance impacted the Company's disclosures, it did not affect the Company's results of operations, financial condition or cash flows. | |
Non-Coal Trading Derivatives. The Company's non-coal trading derivative financial instruments are transacted in over-the-counter (OTC) markets with financial institutions under International Swaps and Derivatives Association (ISDA) Master Agreements. Those agreements contain symmetrical default provisions which allow for the net settlement of amounts owed by either counterparty in the event of default or contract termination. The Company offsets its non-coal trading asset and liability derivative positions on a counterparty-by-counterparty basis in the condensed consolidated balance sheets, with the fair values of those respective derivatives reflected in “Other current assets,” “Investments and other assets,” “Accounts payable and accrued expenses” and “Other noncurrent liabilities." Though the symmetrical default provisions associated with the Company's non-coal trading derivatives exist at the overall counterparty level across its foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios, it is the Company's accounting policy to apply counterparty offsetting separately within those derivative contract portfolios for presentation in the condensed consolidated balance sheets because that application is more consistent with the fact that the Company generally net settles its non-coal trading derivatives with each counterparty by derivative contract portfolio on a routine basis. | |
Coal Trading Derivatives. The Company's coal trading assets and liabilities include financial instruments, such as swaps, futures and options, cleared through various commodities exchanges, which involve the daily net settlement of closed positions. The Company is required to post cash collateral, known as variation margin, on exchange-cleared positions that are in a net liability position and entitled to receive variation margin when in a net asset position. The Company also transacts in coal trading financial swaps and options through OTC markets with financial institutions and other non-financial trading entities under ISDA Master Agreements, which contain symmetrical default provisions. Certain of the Company's coal trading agreements with OTC counterparties also contain credit support provisions that may periodically require the Company to post, or entitle the Company to receive, variation margin. Physical coal and freight-related purchase and sale contracts included in the Company's coal trading assets and liabilities are executed pursuant to master purchase and sale agreements that also contain symmetrical default provisions and allow for the netting and setoff of receivables and payables that arise during the same time period. The Company offsets its coal trading asset and liability derivative positions, and variation margin related to those positions, on a counterparty-by-counterparty basis in the condensed consolidated balance sheets, with the fair values of those respective derivatives reflected in “Assets from coal trading activities, net” and “Liabilities from coal trading activities, net." | |
Refer to Note 6. "Derivatives and Fair Value Measurements" and Note 7. "Coal Trading" herein for the additional quantitative disclosures related to this guidance. | |
Accumulated Other Comprehensive Income | |
In June 2011, the FASB issued accounting guidance, which was finalized in February 2013, that introduced new disclosure requirements requesting that entities provide additional information about reclassification adjustments out of accumulated other comprehensive income, including changes in accumulated other comprehensive income balances by component and significant reclassification items. The new disclosure requirements became effective for interim and annual reporting periods beginning after December 15, 2012 (January 1, 2013 for the Company). While the adoption of this guidance impacted the Company's disclosures, it did not affect the Company's results of operations, financial condition or cash flows. Refer to Note 12. "Accumulated Other Comprehensive (Loss) Income" herein for the additional disclosures related to this guidance. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
Discontinued operations include certain non-strategic former Australian Mining segment assets held for sale which the Company has committed to divest, former Midwestern U.S. Mining segment assets that have ceased production and other previously divested operations. | |||||||||||||||||
Summarized Results of Discontinued Operations | |||||||||||||||||
Results from discontinued operations were as follows during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Total revenues | $ | 38.6 | $ | 41.5 | $ | 106.3 | $ | 171.5 | |||||||||
Loss from discontinued operations before income taxes | $ | (62.1 | ) | $ | (127.6 | ) | $ | (94.8 | ) | $ | (146.6 | ) | |||||
Income tax benefit | 19 | 46.3 | 28.3 | 53.9 | |||||||||||||
Loss from discontinued operations, net of income taxes | $ | (43.1 | ) | $ | (81.3 | ) | $ | (66.5 | ) | $ | (92.7 | ) | |||||
Asset Impairment and Mine Closure Costs Related to Discontinued Operations | |||||||||||||||||
Wilkie Creek Mine. Results from discontinued operations for the three and nine months ended September 30, 2013 reflect a before- and after-tax impairment charge of $45.2 million and $32.4 million, respectively, related to the Company's held-for-sale Wilkie Creek Mine in Queensland, Australia for which an active sale process in ongoing. The Company estimated the fair value of those assets using a market approach based on new market information received during the third quarter that would be considered unobservable Level 3 inputs under the fair value hierarchy. | |||||||||||||||||
Air Quality Mine. Results from discontinued operations for the three and nine months ended September 30, 2012 reflect before- and after-tax charges of $116.7 million and $75.0 million, respectively, including a before- and after-tax impairment charge of $108.9 million and $68.8 million, respectively, recognized in connection with the shutdown of the Air Quality Mine in Indiana. Refer to Note 3 to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 for additional details surrounding that mine closure. | |||||||||||||||||
Assets and Liabilities of Discontinued Operations | |||||||||||||||||
The carrying amounts of assets and liabilities classified as discontinued operations included in the Company's condensed consolidated balance sheets were as follows: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets: | |||||||||||||||||
Other current assets | $ | 42.1 | $ | 37.5 | |||||||||||||
Investments and other assets | 97.3 | 140.8 | |||||||||||||||
Total assets classified as discontinued operations | $ | 139.4 | $ | 178.3 | |||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable and accrued expenses | $ | 35.3 | $ | 33.3 | |||||||||||||
Other noncurrent liabilities | 40.5 | 27.1 | |||||||||||||||
Total liabilities classified as discontinued operations | $ | 75.8 | $ | 60.4 | |||||||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
Investments | |||||||||||||||||
Investments in available-for-sale securities at September 30, 2013 were as follows: | |||||||||||||||||
Available-for-sale securities | Amortized Cost | Gross | Gross | Fair Value | |||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Current: | |||||||||||||||||
Federal government securities | $ | 3.8 | $ | — | $ | — | $ | 3.8 | |||||||||
U.S. corporate bonds | 3.8 | — | — | 3.8 | |||||||||||||
Noncurrent: | |||||||||||||||||
Marketable equity securities | 10.9 | 4.6 | — | 15.5 | |||||||||||||
Federal government securities | 23.8 | 0.1 | (0.1 | ) | 23.8 | ||||||||||||
U.S. corporate bonds | 15.7 | 0.1 | — | 15.8 | |||||||||||||
Total | $ | 58 | $ | 4.8 | $ | (0.1 | ) | $ | 62.7 | ||||||||
Investments in available-for-sale securities at December 31, 2012 were as follows: | |||||||||||||||||
Available-for-sale securities | Amortized Cost | Gross | Gross | Fair Value | |||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Current: | |||||||||||||||||
U.S. corporate bonds | $ | 4.1 | $ | — | $ | — | $ | 4.1 | |||||||||
Noncurrent: | |||||||||||||||||
Marketable equity securities | 32.4 | — | — | 32.4 | |||||||||||||
Federal government securities | 32 | 0.2 | — | 32.2 | |||||||||||||
U.S. corporate bonds | 19.5 | 0.2 | — | 19.7 | |||||||||||||
Total | $ | 88 | $ | 0.4 | $ | — | $ | 88.4 | |||||||||
The Company's short-term investments are defined as those investments with original maturities, at the time of purchase, of greater than three months and up to one year and are included in "Other current assets" in the condensed consolidated balance sheets. Long-term investments are defined as those investments with original maturities, at the time of purchase, greater than one year and are included in "Investments and other assets" in the condensed consolidated balance sheets. The Company’s investments in marketable equity securities consist of an investment in Winsway Coking Coal Holdings Limited (Winsway). Those equity securities are included in "Investments and other assets" in the condensed consolidated balance sheets. | |||||||||||||||||
Contractual maturities for available-for-sale investments in debt securities at September 30, 2013 were as shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||
Contractual maturities for available-for-sale securities | Cost | Fair Value | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Due in one year or less | $ | 7.6 | $ | 7.6 | |||||||||||||
Due in one to five years | 39.5 | 39.6 | |||||||||||||||
Total | $ | 47.1 | $ | 47.2 | |||||||||||||
Proceeds from sales and maturities of debt securities shown in the tables above amounted to $0.8 million and zero for the three months ended September 30, 2013 and 2012, respectively, and $17.7 million and $9.8 million for the nine months ended September 30, 2013 and 2012, respectively. The Company realized net gains of $0.1 million or less during each of the three and nine months ended September 30, 2013 and 2012 associated with those sales and maturities. Purchases of debt securities shown in the tables above amounted to $0.2 million and zero for the three months ended September 30, 2013, and 2012, respectively, and $9.9 million and $23.8 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
In addition to the securities described above, the Company held an investment in debt securities in 2012 related to the Company's pro-rata share of funding in the Newcastle Coal Infrastructure Group (NCIG). These debt securities were recorded at cost, which approximated fair value, and were denominated in U.S. dollars. The Company sold $11.4 million and $29.2 million of debt securities related to NCIG during the three and nine months ended September 30, 2012, respectively. The Company recognized no loss on the sale during the three months ended September 30, 2012 and a loss of $0.2 million on the sale for the nine months ended September 30, 2012. The Company did not have any investments in NCIG securities during the three and nine months ended September 30, 2013. | |||||||||||||||||
At each reporting date, the Company performs separate evaluations of debt and equity securities to determine if any unrealized losses are other-than-temporary. After evaluating Winsway's credit downgrades, one of which occurred during the second quarter of 2013, and due to the duration and severity of the market losses incurred, the Company concluded that its investment in Winsway equity securities was other-than-temporarily impaired and, as such, recognized an impairment loss totaling $21.5 million on the investment during the three months ended June 30, 2013, resetting the Company's cost basis in that investment to $10.9 million. During the three months ended September 30, 2013, the fair value of the Company's investment in Winsway equity securities increased by $4.6 million above its new cost basis. The unrealized gain, net of income taxes, is reported in "Accumulated other comprehensive (loss) income." The Company will continue to evaluate its investments in debt and equity securities for impairment that is other than temporary at each reporting date. | |||||||||||||||||
In November 2012, the Company purchased $4.8 million of time deposits denominated in Chinese Renminbi with six month maturities. These investments were classified as held-to-maturity investments which were recorded at amortized cost, which approximates fair value, and were included in "Other current assets" in the condensed consolidated balance sheet at December 31, 2012. Proceeds from the maturity of these investments amounted to $4.8 million for the nine months ended September 30, 2013. The Company did not have any held-to-maturity investments at September 30, 2013. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consisted of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(Dollars in millions) | ||||||||
Materials and supplies | $ | 166.2 | $ | 157.6 | ||||
Raw coal | 126.7 | 164.3 | ||||||
Saleable coal | 270.3 | 226.5 | ||||||
Total | $ | 563.2 | $ | 548.4 | ||||
Derivatives_and_Fair_Value_Mea
Derivatives and Fair Value Measurements | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Derivatives and Fair Value Measurements | ' | |||||||||||||||||||||||
Derivatives and Fair Value Measurements | ||||||||||||||||||||||||
Risk Management — Non-Coal Trading Activities | ||||||||||||||||||||||||
The Company is exposed to various types of risk in the normal course of business, including foreign currency exchange rate risk for non-U.S. dollar expenditures and balances, price risk on commodities utilized in the Company's mining operations and interest rate risk on long-term debt. The Company manages commodity price risk (excluding coal trading activities) related to the sale of coal, in part, through the use of long-term, fixed-price contracts, rather than through the use of derivative instruments. In order to manage its exposure related to price risk on certain commodities used in production, as well as for foreign currency exchange rate and interest rate risk, the Company utilizes derivative financial instruments. These risks are actively monitored in an effort to ensure compliance with the risk management policies of the Company. | ||||||||||||||||||||||||
Foreign Currency Hedges. The Company is exposed to foreign currency exchange rate risk, primarily on Australian dollar expenditures made in its Australian Mining segment. This risk is managed through the use of forward contracts and options that the Company designates as cash flow hedges, with the objective of reducing the variability of cash flows associated with forecasted foreign currency expenditures. | ||||||||||||||||||||||||
Diesel Fuel and Explosives Hedges. The Company is exposed to commodity price risk associated with diesel fuel and explosives utilized in production in the U.S. and Australia. This risk is managed through the use of derivatives, primarily swaps, and to a lesser extent through the use of cost pass-through contracts. The Company generally designates the swap contracts as cash flow hedges, with the objective of reducing the variability of cash flows associated with forecasted diesel fuel and explosives purchases. | ||||||||||||||||||||||||
Interest Rate Swaps. The Company is exposed to interest rate risk on its fixed rate and variable rate long-term debt. From time to time, the Company manages the interest rate risk associated with the fair value of its fixed rate borrowings using fixed-to-floating interest rate swaps to effectively convert a portion of the underlying cash flows on the debt into variable rate cash flows. The Company designates these swaps as fair value hedges, with the objective of hedging against adverse changes in the fair value of the fixed rate debt that result from market interest rate changes. In addition, from time to time, interest rate risk associated with the Company’s variable rate borrowings is managed using floating-to-fixed interest rate swaps. The Company designates these swaps as cash flow hedges, with the objective of reducing the variability of cash flows associated with market interest rate changes. As of September 30, 2013, the Company had no interest rate swaps in place. | ||||||||||||||||||||||||
Notional Amounts and Fair Value. The following summarizes the Company’s foreign currency and commodity positions at September 30, 2013: | ||||||||||||||||||||||||
Notional Amount by Year of Maturity | ||||||||||||||||||||||||
Total | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
Foreign Currency | ||||||||||||||||||||||||
A$:US$ hedge contracts (A$ millions) | $ | 5,643.80 | $ | 511.2 | $ | 2,032.50 | $ | 1,631.10 | $ | 982 | $ | 487 | ||||||||||||
Commodity Contracts | ||||||||||||||||||||||||
Diesel fuel hedge contracts (million gallons) | 198.1 | 25.2 | 91.9 | 58.4 | 22.6 | — | ||||||||||||||||||
U.S. explosives hedge contracts (million MMBtu) | 1.7 | 0.5 | 1.2 | — | — | — | ||||||||||||||||||
Account Classification by | ||||||||||||||||||||||||
Cash Flow | Fair Value | Economic | Fair Value of Net Liability | |||||||||||||||||||||
Hedge | Hedge | Hedge | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||||||
A$:US$ hedge contracts (A$ millions) | $ | 5,643.80 | $ | — | $ | — | $ | (272.4 | ) | |||||||||||||||
Commodity Contracts | ||||||||||||||||||||||||
Diesel fuel hedge contracts (million gallons) | 198.1 | — | — | (8.9 | ) | |||||||||||||||||||
U.S. explosives hedge contracts (million MMBtu) | 1.7 | — | — | (2.4 | ) | |||||||||||||||||||
Based on the net fair value of the Company’s non-coal trading commodity contract hedge positions held in “Accumulated other comprehensive (loss) income” at September 30, 2013, unrealized net losses expected to be reclassified from comprehensive income to earnings over the next 12 months associated with the Company’s diesel fuel and explosives hedge programs are each approximately $3 million. Based on net unrealized losses associated with the Company's foreign currency hedge contract portfolio and realized gains related to foreign currency cash flow hedge contracts monetized in the fourth quarter of 2012 held in "Accumulated other comprehensive (loss) income" at September 30, 2013, the net gain expected to be reclassified from comprehensive income to earnings over the next twelve months associated with that hedge program is approximately $3 million. As these realized and unrealized gains and losses are associated with derivative instruments that represent hedges of forecasted transactions, the amounts reclassified to earnings will partially offset the effect of the realized underlying transactions. | ||||||||||||||||||||||||
Hedge Ineffectiveness. The Company assesses, both at inception and at least quarterly thereafter, whether the derivatives used in hedging activities are highly effective at offsetting the changes in the anticipated cash flows of the hedged item. The effective portion of the change in the fair value is recorded in “Accumulated other comprehensive (loss) income” until the hedged transaction impacts reported earnings, at which time any gain or loss is reclassified to earnings. To the extent that periodic changes in the fair value of derivatives deemed highly effective exceeds such changes in the hedged item, the ineffective portion of the periodic non-cash changes are recorded in earnings in the period of the change. If the hedge ceases to qualify for hedge accounting, the Company prospectively recognizes changes in the fair value of the instrument in earnings in the period of the change. | ||||||||||||||||||||||||
A measure of ineffectiveness is inherent in hedging future diesel fuel purchases with derivative positions based on refined petroleum products as a result of location and/or product differences. Transportation surcharges, which may vary over time, for purchased diesel fuel in certain regions can also result in ineffectiveness, though such surcharges have historically changed infrequently and comprise a small portion of the total cost of delivered diesel. | ||||||||||||||||||||||||
The Company’s derivative positions for the hedging of future explosives purchases are based on natural gas, which is the primary price component of explosives. However, a small measure of ineffectiveness exists as the contractual purchase price includes manufacturing fees that are subject to periodic adjustments. In addition, other fees, such as storage and transportation surcharges, can result in ineffectiveness, but have historically changed infrequently and comprise a small portion of the total explosives cost. | ||||||||||||||||||||||||
The Company’s derivative positions for the hedging of forecasted foreign currency expenditures contain a small measure of ineffectiveness due to timing differences between the hedge settlement and the purchase transaction, which could differ by less than a day and up to a maximum of 30 days. | ||||||||||||||||||||||||
The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s non-coal trading hedges during the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Gain recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Gain reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | 15.8 | $ | 4.3 | $ | 0.2 | |||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | 51.7 | 9.9 | — | |||||||||||||||||||
Total | $ | — | $ | 67.5 | $ | 14.2 | $ | 0.2 | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Gain recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Gain reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | 49.6 | $ | 11.2 | $ | 2.2 | |||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | 169.2 | 82 | — | |||||||||||||||||||
Total | $ | — | $ | 218.8 | $ | 93.2 | $ | 2.2 | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Loss recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Gain reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | (3.3 | ) | $ | 11.5 | $ | 0.5 | ||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | (402.2 | ) | 157.1 | — | ||||||||||||||||||
Total | $ | — | $ | (405.5 | ) | $ | 168.6 | $ | 0.5 | |||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Gain recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Loss reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | 28.7 | $ | 39 | $ | (2.3 | ) | ||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | 297.5 | 276.6 | — | |||||||||||||||||||
Total | $ | — | $ | 326.2 | $ | 315.6 | $ | (2.3 | ) | |||||||||||||||
The Company classifies the cash effects of its non-coal trading derivatives within the "Cash Flows From Operating Activities" section of the unaudited condensed consolidated statements of cash flows during the period of settlement for those instruments. | ||||||||||||||||||||||||
Offsetting and Balance Sheet Presentation | ||||||||||||||||||||||||
The classification and amount of non-coal trading derivative financial instruments presented on a gross and net basis as of September 30, 2013 and December 31, 2012 are presented in the tables that follow. | ||||||||||||||||||||||||
Fair Value of Assets as of September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 4.2 | $ | (2.7 | ) | $ | 1.5 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 22.5 | (22.5 | ) | — | n.a. | n.a. | ||||||||||||||||||
Total | $ | 26.7 | $ | (25.2 | ) | $ | 1.5 | $ | (1.5 | ) | $ | — | ||||||||||||
Noncurrent Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 0.8 | $ | (0.7 | ) | $ | 0.1 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 9.9 | (9.9 | ) | — | n.a. | n.a. | ||||||||||||||||||
Total | $ | 10.7 | $ | (10.6 | ) | $ | 0.1 | $ | (0.1 | ) | $ | — | ||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
Fair Value of Liabilities as of September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 9.6 | $ | (2.2 | ) | $ | 7.4 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 125.1 | (21.1 | ) | 104 | n.a. | n.a. | ||||||||||||||||||
Total | $ | 134.7 | $ | (23.3 | ) | $ | 111.4 | $ | (2.7 | ) | $ | 108.7 | ||||||||||||
Noncurrent Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 6.7 | $ | (1.2 | ) | $ | 5.5 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 179.7 | (11.3 | ) | 168.4 | n.a. | n.a. | ||||||||||||||||||
Total | $ | 186.4 | $ | (12.5 | ) | $ | 173.9 | $ | 1.1 | $ | 175 | |||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
Fair Value of Assets as of December 31, 2012 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 18.3 | $ | (3.8 | ) | $ | 14.5 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 260.1 | — | 260.1 | n.a. | n.a. | |||||||||||||||||||
Total | $ | 278.4 | $ | (3.8 | ) | $ | 274.6 | $ | (8.0 | ) | $ | 266.6 | ||||||||||||
Noncurrent Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 2.5 | $ | (1.4 | ) | $ | 1.1 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 27.6 | (0.8 | ) | 26.8 | n.a. | n.a. | ||||||||||||||||||
Total | $ | 30.1 | $ | (2.2 | ) | $ | 27.9 | $ | (3.4 | ) | $ | 24.5 | ||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
Fair Value of Liabilities as of December 31, 2012 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 8.5 | $ | (2.8 | ) | $ | 5.7 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | — | — | — | n.a. | n.a. | |||||||||||||||||||
Total | $ | 8.5 | $ | (2.8 | ) | $ | 5.7 | $ | (5.7 | ) | $ | — | ||||||||||||
Noncurrent Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 8.3 | $ | (2.4 | ) | $ | 5.9 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 0.8 | (0.8 | ) | — | n.a. | n.a. | ||||||||||||||||||
Total | $ | 9.1 | $ | (3.2 | ) | $ | 5.9 | $ | (5.7 | ) | $ | 0.2 | ||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
See Note 7. "Coal Trading" for information on balance sheet offsetting related to the Company’s coal trading activities. | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. These levels include: Level 1 - inputs are quoted prices in active markets for the identical assets or liabilities; Level 2 - inputs are other than quoted prices included in Level 1 that are directly or indirectly observable through market-corroborated inputs; and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants. | ||||||||||||||||||||||||
Financial Instruments Measured on a Recurring Basis. The following tables set forth the hierarchy of the Company’s net financial asset (liability) positions for which fair value is measured on a recurring basis: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Investments in debt and equity securities | $ | 51.2 | $ | 11.5 | $ | — | $ | 62.7 | ||||||||||||||||
Commodity swap contracts | — | (11.3 | ) | — | (11.3 | ) | ||||||||||||||||||
Foreign currency forward contracts | — | (272.4 | ) | — | (272.4 | ) | ||||||||||||||||||
Total net financial assets (liabilities) | $ | 51.2 | $ | (272.2 | ) | $ | — | $ | (221.0 | ) | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Investments in debt and equity securities | $ | 75.4 | $ | 13 | $ | — | $ | 88.4 | ||||||||||||||||
Commodity swap contracts | — | 4 | — | 4 | ||||||||||||||||||||
Foreign currency forward contracts | — | 286.9 | — | 286.9 | ||||||||||||||||||||
Total net financial assets | $ | 75.4 | $ | 303.9 | $ | — | $ | 379.3 | ||||||||||||||||
For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, exchange indices, broker quotes, published indices and other market quotes. Below is a summary of the Company’s valuation techniques for Level 1 and 2 financial assets and liabilities: | ||||||||||||||||||||||||
• | Investments in debt and equity securities: corporate bonds and U.S. government treasury instruments and marketable equity securities are valued based on quoted prices in active markets (Level 1) and U.S. government agency securities are valued based on derived prices in active markets (Level 2). | |||||||||||||||||||||||
• | Commodity swap contracts — diesel fuel and explosives: valued based on a valuation that is corroborated by the use of market-based pricing (Level 2). | |||||||||||||||||||||||
• | Foreign currency forward and option contracts: valued utilizing inputs obtained in quoted public markets (Level 2). | |||||||||||||||||||||||
The Company did not have any transfers between levels during the three and nine months ended September 30, 2013 or 2012 for its non-coal trading positions. The Company’s policy is to value transfers between levels using the beginning of period valuation. | ||||||||||||||||||||||||
Other Financial Instruments. The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
• | Cash and cash equivalents, accounts receivable, including those within the Company’s accounts receivable securitization program, notes receivable and accounts payable have carrying values which approximate fair value due to the short maturity or the liquid nature of these instruments. | |||||||||||||||||||||||
• | Held-to-maturity investments in time deposits denominated in Chinese Renminbi of $4.8 million held as of December 31, 2012 had carrying values based on amortized cost which approximated fair value due to the short maturity of the investments. Those time deposits matured during the nine months ended September 30, 2013. | |||||||||||||||||||||||
• | Long-term debt fair value estimates are based on observed prices for securities with an active trading market when available (Level 2), and otherwise on estimated borrowing rates to discount the cash flows to their present value (Level 3). | |||||||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s long-term debt are summarized as follows: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Long-term debt | $ | 6,007.50 | $ | 5,966.20 | $ | 6,252.90 | $ | 6,583.90 | ||||||||||||||||
Nonperformance and Credit Risk | ||||||||||||||||||||||||
The fair value of the Company’s non-coal trading derivative assets and liabilities reflects adjustments for nonperformance and credit risk. The Company manages its counterparty risk through established credit standards, diversification of counterparties, utilization of investment grade commercial banks, adherence to established tenor limits based on counterparty creditworthiness and continuous monitoring of that creditworthiness. To reduce its credit exposure for these hedging activities, the Company seeks to enter into netting agreements with counterparties that permit the Company to offset asset and liability positions with such counterparties in the event of default. |
Coal_Trading
Coal Trading | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Coal Trading [Abstract] | ' | ||||||||||||||||
Coal Trading | ' | ||||||||||||||||
Coal Trading | |||||||||||||||||
The Company engages in the direct and brokered trading of coal and freight-related contracts (coal trading). Except those for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value. | |||||||||||||||||
The Company's policy is to include instruments associated with coal trading transactions as a part of its trading book. Trading revenues from such transactions are recorded in “Other revenues” in the unaudited condensed consolidated statements of operations and include realized and unrealized gains and losses on derivative instruments, including those that arise from coal deliveries related to contracts accounted for on an accrual basis under the normal purchases and normal sales exception. Therefore, the Company has elected the trading exemption surrounding disclosures related to its coal trading activities. | |||||||||||||||||
Trading revenues recognized during the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Trading Revenues by Type of Instrument | 2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in millions) | |||||||||||||||||
Commodity futures, swaps and options | $ | 59.3 | $ | 60.3 | $ | 145.2 | $ | 110.9 | |||||||||
Physical commodity purchase/sale contracts | (27.2 | ) | (20.0 | ) | (90.6 | ) | 21.9 | ||||||||||
Total trading revenues | $ | 32.1 | $ | 40.3 | $ | 54.6 | $ | 132.8 | |||||||||
Risk Management | |||||||||||||||||
Hedge Ineffectiveness. The Company assesses, both at inception and at least quarterly thereafter, whether the derivatives used in cash flow hedging activities are highly effective at offsetting the changes in the anticipated cash flows of the hedged item. The effective portion of the change in the fair value is recorded in “Accumulated other comprehensive (loss) income” until the hedged transaction impacts reported earnings, at which time gains and losses are also reclassified to earnings. To the extent that periodic changes in the fair value of a derivative exceeds the changes in the hedged item to which it has been designated, the ineffective portion is recorded in earnings in the period of the change. If the hedge ceases to qualify for hedge accounting, the Company prospectively recognizes the changes in fair value of the instrument in earnings in the period of the change. | |||||||||||||||||
In some instances, the Company has designated an existing coal trading derivative as a hedge and, thus, the derivative has a non-zero fair value at hedge inception. The “off-market” nature of these derivatives, which is best described as an embedded financing element within the derivative, is a source of ineffectiveness. In other instances, the Company uses a coal trading derivative that settles at a different time, has different quality specifications or has a different location basis than the occurrence of the cash flow being hedged. These collectively yield ineffectiveness to the extent that the derivative hedge contract does not exactly offset changes in the fair value or expected cash flows of the hedged item. | |||||||||||||||||
The gross fair value of coal trading positions designated as cash flow hedges of forecasted sales was an asset of $110.3 million and $153.1 million as of September 30, 2013 and December 31, 2012, respectively. Based on the net fair value of the Company’s coal trading positions held in “Accumulated other comprehensive (loss) income” at September 30, 2013, unrealized gains to be reclassified from comprehensive income to earnings over the next 12 months are expected to be approximately $95 million. As these unrealized gains are associated with derivative instruments that represent hedges of forecasted transactions, the amounts reclassified to earnings may partially offset the effect of the realized underlying transactions in the unaudited condensed consolidated statements of operations. | |||||||||||||||||
Offsetting and Balance Sheet Presentation | |||||||||||||||||
The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of September 30, 2013 and December 31, 2012 is set forth below: | |||||||||||||||||
Affected line item in the condensed consolidated balance sheets | Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Variation margin (held) posted (1) | Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets | |||||||||||||
(Dollars in millions) | |||||||||||||||||
Fair Value as of September 30, 2013 | |||||||||||||||||
Assets from coal trading activities, net | $ | 537.4 | $ | (396.6 | ) | $ | (97.8 | ) | $ | 43 | |||||||
Liabilities from coal trading activities, net | (407.4 | ) | 396.6 | 0.8 | (10.0 | ) | |||||||||||
Total, Net | $ | 130 | $ | — | $ | (97.0 | ) | $ | 33 | ||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
Assets from coal trading activities, net | $ | 380.4 | $ | (170.8 | ) | $ | (157.2 | ) | $ | 52.4 | |||||||
Liabilities from coal trading activities, net | (190.5 | ) | 170.8 | 0.3 | (19.4 | ) | |||||||||||
Total, Net | $ | 189.9 | $ | — | $ | (156.9 | ) | $ | 33 | ||||||||
(1) | Approximately $61 million and $76 million of the net variation margin held at September 30, 2013 and December 31, 2012, respectively, related to cash flow hedges. | ||||||||||||||||
See Note 6. "Derivatives and Fair Value Measurements" for information on balance sheet offsetting related to the Company’s non-coal trading activities. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The following tables set forth the hierarchy of the Company’s net financial asset (liability) coal trading positions for which fair value is measured on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commodity futures, swaps and options | $ | — | $ | 34.2 | $ | — | $ | 34.2 | |||||||||
Physical commodity purchase/sale contracts | — | (1.6 | ) | 0.4 | (1.2 | ) | |||||||||||
Total net financial assets | $ | — | $ | 32.6 | $ | 0.4 | $ | 33 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commodity futures, swaps and options | $ | 1.2 | $ | 24.4 | $ | — | $ | 25.6 | |||||||||
Physical commodity purchase/sale contracts | — | 2.2 | 5.2 | 7.4 | |||||||||||||
Total net financial assets | $ | 1.2 | $ | 26.6 | $ | 5.2 | $ | 33 | |||||||||
For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including U.S. interest rate curves, LIBOR yield curves, Chicago Mercantile Exchange (CME), Intercontinental Exchange indices (ICE), NOS Clearing ASA, LCH.Clearnet (formerly known as the London Clearing House), Singapore Exchange (SGX), broker quotes, published indices and other market quotes. Below is a summary of the Company’s valuation techniques for Level 1 and 2 financial assets and liabilities: | |||||||||||||||||
• | Commodity futures, swaps and options: generally valued based on unadjusted quoted prices in active markets (Level 1) or a valuation that is corroborated by the use of market-based pricing (Level 2). | ||||||||||||||||
• | Physical commodity purchase/sale contracts: purchases and sales at locations with significant market activity corroborated by market-based information (Level 2). | ||||||||||||||||
Physical commodity purchase/sale contracts transacted in less liquid markets or contracts, such as long-term arrangements with limited price availability, are classified in Level 3. Indicators of less liquid markets are those with periods of low trade activity or wide pricing spreads between broker quotes. | |||||||||||||||||
The Company's risk management function, which is independent of the Company's commercial trading function, is responsible for valuation policies and procedures, with oversight from executive management. Generally, the Company's Level 3 instruments or contracts are valued using bid/ask price quotations and other market assessments obtained from multiple, independent third-party brokers or other transactional data incorporated into internally-generated discounted cash flow models. While the Company does not anticipate any decrease in the number of third-party brokers or market liquidity, the occurrence of such events could erode the quality of market information and therefore the valuation of its market positions. The Company's valuation techniques include basis adjustments to the foregoing price inputs for quality, such as heat rate and sulfur and ash content; location differentials, expressed as port and freight costs, and credit and nonperformance risk. The Company's risk management function independently validates the Company's valuation inputs, including unobservable inputs, with third-party information and settlement prices from other sources where available. A daily process is performed to analyze market price changes and changes to the portfolio. Further periodic validation occurs at the time contracts are settled with the counterparty. These valuation techniques have been consistently applied in all periods presented, and the Company believes it has obtained the most accurate information available for the types of derivative contracts held. | |||||||||||||||||
The following table summarizes the quantitative unobservable inputs utilized in the Company's internally-developed valuation models for physical commodity purchase/sale contracts classified as Level 3 as of September 30, 2013: | |||||||||||||||||
Range | Weighted | ||||||||||||||||
Input | Low | High | Average | ||||||||||||||
Quality adjustments | 8 | % | 21 | % | 13 | % | |||||||||||
Non-performance adjustments | 4 | % | 4 | % | 4 | % | |||||||||||
Significant increases or decreases in the inputs in isolation could result in a significantly higher or lower fair value measurement. The unobservable inputs do not have a direct interrelationship; therefore, a change in one unobservable input would not necessarily correspond with a change in another unobservable input. | |||||||||||||||||
The following table summarizes the changes in the Company’s recurring Level 3 net financial assets: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Beginning of period | $ | 1.3 | $ | 2.9 | $ | 5.2 | $ | 8.7 | |||||||||
Total net (losses) gains realized/unrealized: | |||||||||||||||||
Included in earnings | (2.7 | ) | 2.4 | (7.1 | ) | 12.8 | |||||||||||
Settlements | 1.8 | (4.4 | ) | 2.3 | (20.6 | ) | |||||||||||
End of period | $ | 0.4 | $ | 0.9 | $ | 0.4 | $ | 0.9 | |||||||||
The following table summarizes the changes in net unrealized (losses) gains relating to Level 3 net financial assets held both as of the beginning and the end of the period: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Changes in net unrealized (losses) gains (1) | $ | (3.0 | ) | $ | 0.2 | $ | (2.9 | ) | $ | (3.5 | ) | ||||||
(1) | Within the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income for the periods presented, unrealized gains and losses from Level 3 items are combined with unrealized gains and losses on positions classified in Level 1 or 2, as well as other positions that have been realized during the applicable periods. | ||||||||||||||||
The Company did not have any significant transfers in its coal trading positions between Level 1 and Level 2 during the three and nine months ended September 30, 2013 or 2012. There were no transfers in or out of Level 3 during the three and nine months ended September 30, 2013 or 2012. The Company’s policy is to value transfers between levels using the beginning of period valuation. | |||||||||||||||||
As of September 30, 2013, the timing of the estimated future realization of the value of the Company’s trading portfolio was as follows: | |||||||||||||||||
Percentage of | |||||||||||||||||
Year of Expiration | Portfolio Total | ||||||||||||||||
2013 | 21 | % | |||||||||||||||
2014 | 64 | % | |||||||||||||||
2015 | 12 | % | |||||||||||||||
2016 | 3 | % | |||||||||||||||
100 | % | ||||||||||||||||
Nonperformance and Credit Risk. The fair value of the Company’s coal derivative assets and liabilities reflects adjustments for nonperformance and credit risk. The Company’s exposure is substantially with electric utilities, energy marketers and steel producers. The Company’s policy is to independently evaluate each customer’s creditworthiness prior to entering into transactions and to regularly monitor the credit extended. If the Company engages in a transaction with a counterparty that does not meet its credit standards, the Company seeks to protect its position by requiring the counterparty to provide an appropriate credit enhancement. Also, when appropriate (as determined by its credit management function), the Company has taken steps to reduce its exposure to customers or counterparties whose credit has deteriorated and who may pose a higher risk of failure to perform under their contractual obligations. These steps include obtaining letters of credit or cash collateral (margin), requiring prepayments for shipments or the creation of customer trust accounts held for the Company’s benefit to serve as collateral in the event of a failure to pay or perform. To reduce its credit exposure related to trading and brokerage activities, the Company seeks to enter into netting agreements with counterparties that permit the Company to offset asset and liability positions with such counterparties and, to the extent required, will post or receive margin amounts associated with exchange-cleared and certain OTC positions. | |||||||||||||||||
At September 30, 2013, 83% of the Company’s credit exposure related to coal trading activities was with investment grade counterparties while 12% was with non-investment grade counterparties and 5% was with counterparties that are not rated. | |||||||||||||||||
Performance Assurances and Collateral | |||||||||||||||||
Certain of the Company’s derivative trading instruments require the parties to provide additional performance assurances whenever a material adverse event jeopardizes one party’s ability to perform under the instrument. If the Company was to sustain a material adverse event (using commercially reasonable standards), its counterparties could request collateralization on derivative trading instruments in net liability positions which, based on an aggregate fair value at September 30, 2013 and December 31, 2012, would have amounted to collateral postings to counterparties of approximately $11 million and $8 million, respectively. As of September 30, 2013 and December 31, 2012, no collateral was posted to counterparties for such positions. | |||||||||||||||||
Certain of the Company’s other derivative trading instruments require the parties to provide additional performance assurances whenever a credit downgrade occurs below a certain level as specified in each underlying contract. The terms of such derivative trading instruments typically require additional collateralization, which is commensurate with the severity of the credit downgrade. During the third quarter of 2013, the three major credit rating agencies downgraded the Company's corporate credit rating by one notch, while maintaining a stable ratings outlook. The Company was not required to post additional margin related as a result of that downgrade. If a credit downgrade were to have occurred below contractually specified levels, the Company’s additional collateral requirement owed to its counterparties would have been zero at September 30, 2013 and December 31, 2012 based on the aggregate fair value of all derivative trading instruments with such features. Accordingly, the Company had posted no margin related to such features as of September 30, 2013 or December 31, 2012. | |||||||||||||||||
The Company is required to post variation margin on positions that are in a net liability position and is entitled to receive variation margin on positions that are in a net asset position with an exchange and certain of its OTC derivative contract counterparties. At September 30, 2013 and December 31, 2012, the Company held net variation margin of $97.0 million and $156.9 million, respectively. | |||||||||||||||||
In addition to the requirements surrounding variation margin, the Company is required by the exchanges upon which it transacts to post certain additional collateral, known as initial margin, which represents an estimate of potential future adverse price movements across the Company’s portfolio under normal market conditions. As of September 30, 2013 and December 31, 2012, the Company had posted initial margin of $17.7 million and $23.2 million, respectively, which is reflected in “Other current assets” in the condensed consolidated balance sheets. The Company also had posted $3.3 million and $0.5 million of margin in excess of the exchange-required variation and initial margin discussed above as of September 30, 2013 and December 31, 2012, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company's tax benefit of $18.6 million and tax expense of $49.3 million for the three months ended September 30, 2013 and 2012, respectively, include remeasurement benefit of $2.6 million and remeasurement expense of $13.6 million related to foreign tax accounts, respectively. The Company's tax benefit of $199.6 million and tax expense of $85.5 million for the nine months ended September 30, 2013 and 2012, respectively, include remeasurement benefit of $38.1 million and remeasurement expense of $8.7 million related to foreign tax accounts, respectively. The 2013 effective tax rate before remeasurement is based on the Company's estimated full year effective tax rate made up of the expected statutory tax expense more than offset by reductions from percentage depletion, foreign rate differential and Australian minerals resource rent tax. During the three and nine months ended September 30, 2013, the Company decreased its net unrecognized tax benefits, interest and penalties by $66.5 million due to the expiration of statutes of limitations. During the second quarter and included in the nine months ended September 30, 2013, the Company released a portion of its valuation allowance on U.S. capital loss carry forwards amounting to $25.5 million due to a change in expected realization upon sale of non-strategic U.S. coal reserves and surface lands. | |
The Company's Australian income tax returns for the tax years 2004 through 2012 are under examination by the Australian Tax Office (ATO). During the third quarter ended September 30, 2013, the ATO began an income tax audit of the 2010 through 2012 tax years. During 2013, the ATO issued a final notice challenging certain financing transactions with a total assessment of $70.4 million, comprised of additional taxes of $48.9 million plus interest and penalties of $21.5 million. The Company made a $35.2 million advance deposit to the ATO in order for the Company to proceed with negotiation and/or litigation of the disputed tax assessment. That deposit has been reflected in "Other current assets" in the unaudited condensed consolidated balance sheet as of September 30, 2013. The Company believes during the next twelve months it is reasonably possible for a $40 million decrease in its net unrecognized tax benefits due to potential audit settlements. All tax assessment amounts above are presented in U.S. dollars at foreign currency exchange rates in effect at September 30, 2013. |
Debt_Notes
Debt (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
Long-term Debt | ||||||||
The Company’s total indebtedness as of September 30, 2013 and December 31, 2012 consisted of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(Dollars in millions) | ||||||||
Term Loan due June 2015 | $ | — | $ | 418.8 | ||||
2011 Term Loan Facility due October 2016 | — | 912.5 | ||||||
2013 Term Loan Facility due September 2020 | 1,188.00 | — | ||||||
7.375% Senior Notes due November 2016 | 650 | 650 | ||||||
6.00% Senior Notes due November 2018 | 1,518.80 | 1,518.80 | ||||||
6.50% Senior Notes due September 2020 | 650 | 650 | ||||||
6.25% Senior Notes due November 2021 | 1,339.60 | 1,339.60 | ||||||
7.875% Senior Notes due November 2026 | 247.5 | 247.4 | ||||||
Convertible Junior Subordinated Debentures due December 2066 | 379.1 | 377.4 | ||||||
Capital lease obligations | 33.5 | 104.6 | ||||||
Other | 1 | 33.8 | ||||||
Total Debt | $ | 6,007.50 | $ | 6,252.90 | ||||
The carrying amounts of the 2013 Term Loan Facility due September 2020, the 7.875% Senior Notes due December 2026 and the Convertible Junior Subordinated Debentures due December 2066 (the Debentures) have been presented above net of the respective unamortized original issue discounts. | ||||||||
2013 Credit Agreement | ||||||||
On September 24, 2013, the Company entered into a secured credit agreement (the 2013 Credit Facility), which provides for a $1.65 billion revolving credit facility (the 2013 Revolver) and a $1.20 billion term loan facility (the 2013 Term Loan Facility). In connection with the closing of the 2013 Credit Facility, the Company borrowed $1.19 billion under the 2013 Term Loan Facility, net of original issue discount of $12.0 million that will be amortized over its seven year term, and transferred $94.7 million of existing letters of credit from its unsecured credit agreement dated as of June 18, 2010 (as amended, the 2010 Credit Agreement). The 2013 Revolver commitment will mature on September 24, 2018, or on August 15, 2018 if the Company’s 6.00% Senior Notes due 2018 are still in existence on such date. The 2013 Term Loan Facility matures on September 24, 2020. The Company has total capitalized deferred financing costs of $18.3 million and $10.1 million related to the 2013 Revolver and 2013 Term Loan Facility, respectively, which will be amortized over the respective five and seven year terms of those facilities. | ||||||||
Proceeds of the 2013 Term Loan Facility were used primarily to pay off the 2010 Credit Agreement and the Company's unsecured credit agreement dated October 28, 2011 (as amended, the 2011 Credit Agreement), which had then-outstanding principal amounts of $301.8 million and $862.5 million, respectively. The Company recognized expense of $11.5 million on the write-off of previously deferred financing costs related to those facilities during the three and nine months ended September 30, 2013, which was classified in "Interest expense" in the unaudited condensed consolidated statement of operations for those periods. | ||||||||
The obligations under the 2013 Credit Facility are guaranteed by the Company and substantially all of its domestic subsidiaries and are secured by a pledge of 65% of the stock of Peabody Investments (Gibraltar) Limited, a holding company for the Australian operations of the Company, and a pledge of the stock of Peabody IC Funding Corp., whose sole asset is intercompany debt owed to it by the top-level Gibraltar holding company of the Company’s Australian operations. | ||||||||
All borrowings under the 2013 Credit Facility (other than swingline borrowings and borrowings denominated in currencies other than U.S. dollars) bear interest, at the Company’s option, at either a base rate (subject to a floor of 2.00% for borrowings under the 2013 Term Loan Facility) or a eurocurrency rate (subject to a floor of 1.00% for borrowings under the 2013 Term Loan Facility), each as defined in the 2013 Credit Agreement, plus: in the case of the 2013 Term Loan Facility, a margin of 2.25% and 3.25% per year for borrowings bearing interest at the base rate and the eurocurrency rate, respectively; or in the case of the 2013 Revolver, a margin dependent on the Company's consolidated net leverage ratio, as defined in the 2013 Credit Agreement, ranging from 0.75% to 1.50% and 1.75% to 2.50% per year for borrowings bearing interest at the base rate and eurocurrency rate, respectively. | ||||||||
The Company pays a usage-dependent commitment fee under the 2013 Revolver, which is dependent upon the Company's consolidated net leverage ratio, as defined in the 2013 Credit Agreement, and ranges from 0.375% to 0.500% of the available unused commitment. In addition, the Company pays a letter of credit fee, which is also dependent upon the Company's leverage ratio and ranges from 1.75% to 2.50% per year of the undrawn amount of each letter of credit, and a fronting fee equal to 0.125% per year of the face amount drawn under each letter of credit. | ||||||||
The 2013 Term Loan Facility is subject to quarterly amortization of 0.25% per quarter commencing with the fiscal quarter beginning October 1, 2013, with the final payment of all amounts outstanding (including accrued interest) being due on September 24, 2020. It is also subject to a repayment premium of 1.0% during the six-month period after the execution of the 2013 Credit Agreement and a requirement to prepay the term loan borrowing thereunder with proceeds from dispositions made by foreign subsidiaries, subject to thresholds and customary reinvestment rights. | ||||||||
Under the 2013 Revolver, the Company must comply with two financial covenants on a quarterly basis, which are a maximum net secured leverage ratio and a minimum interest coverage ratio. The Company was in compliance with those covenants as of September 30, 2013. The Company is permitted to pay dividends, buy and sell assets and make redemptions or repurchases of capital stock when in compliance with its financial covenants (including compliance on a pro forma basis giving effect to such transactions), subject to certain restrictions imposed by the 2013 Credit Facility. That agreement also imposes certain restrictions on the Company's ability to incur liens, incur debt, make investments (including acquisitions), engage in fundamental changes such as mergers and dissolutions, dispose of assets, change the nature of its business, enter into transactions with affiliates, enter into agreements that restrict the Company's ability to make dividends or distributions, enter into agreements with negative pledge clauses and make dividends from the top-level Gibraltar holding company of the Company's Australian operations to the Company's domestic subsidiaries in an amount in excess of $500 million per year. It also contains customary events of default. | ||||||||
As of September 30, 2013, the Company had no borrowings under the 2013 Revolver, but had $94.7 million of letters of credit outstanding. The remaining capacity under the 2013 Revolver at September 30, 2013 was $1,555.3 million. | ||||||||
2013 Voluntary Prepayments and Debt Repurchases | ||||||||
During the nine months ended September 30, 2013, prior to the execution of the 2013 Credit Agreement, the Company voluntarily prepaid $167.0 million in aggregate principal amount of its Term Loan and 2011 Term Loan Facility with existing cash on hand. | ||||||||
Additionally, the Company repurchased $32.4 million of certain Australian private placement bonds (previously presented in "Other" in the above schedule) with existing cash on hand during the nine months ended September 30, 2013. | ||||||||
In connection with the foregoing, the Company recognized losses on debt extinguishment of $5.4 million during the nine months ended September 30, 2013, which is classified in "Interest expense" in the unaudited condensed consolidated statement of operations for those periods. | ||||||||
Capital Lease Obligations | ||||||||
In June 2013, the Company executed an amendment to its master equipment hire agreement with an unconsolidated equity affiliate in Australia to allow for the legal right of offset of receivables and payables due between parties. The operations of that equity affiliate are funded through equity interests and shareholder loans for the purpose of purchasing on behalf of and leasing equipment to its shareholders. Because the Company intends to use the right of offset provided by that amendment, $55.9 million of capital lease obligations due to that equity affiliate have been presented on a net basis in the unaudited condensed consolidated balance sheet as of September 30, 2013 and offset against the related shareholder loans due from that equity affiliate included in "Investments and other assets." Prior to the amendment, such amounts were presented on a gross basis in the Company's condensed consolidated financial statements. | ||||||||
Other Long-Term Debt | ||||||||
Other than the foregoing, there were no significant changes to the Company's long-term debt subsequent to December 31, 2012. Information regarding the Company's debt is outlined in Note 12 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. |
Financing_Receivables
Financing Receivables | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Financing Receivables [Abstract] | ' | ||||||||
Financing Receivables [Text Block] | ' | ||||||||
Financing Receivables | |||||||||
The Company had total financing receivables of $402.7 million and $391.7 million at September 30, 2013 and December 31, 2012, respectively, which consisted of the following: | |||||||||
Balance Sheet Classification | September 30, 2013 | December 31, 2012 | |||||||
(Dollars in millions) | |||||||||
Accounts receivable, net | $ | 37.2 | $ | 0.7 | |||||
Investments and other assets | 365.5 | 391 | |||||||
Total financing receivables | $ | 402.7 | $ | 391.7 | |||||
The Company periodically assesses the collectability of accounts and loans receivable by considering factors such as specific evaluation of collectability, historical collection experience, the age of the receivable and other available evidence. Below is a description of the Company's financing receivables at September 30, 2013. | |||||||||
Codrilla Mine Project. In 2011, a wholly owned subsidiary of PEA-PCI, then Macarthur Coal Limited, completed the sell down of its 85% interest in the Codrilla Mine Project to a 73.3% interest to participants of the Coppabella Moorvale Joint Venture (CMJV). Prior to the acquisition of PEA-PCI by the Company, consideration of $15.0 million Australian dollars was received by PEA-PCI upon completion of the Codrilla sell down, representing 20% of the agreed price. Two installments, for which the Company held non-interest-bearing receivables, were due upon the completion of certain milestones. The first installment, with 40% due on the granting of the related mining lease, was received during the three months ended September 30, 2012. The final 40% is due upon the earlier of the mine's first coal shipment or a specified date. The sales agreement was amended in the second quarter of 2013 to delay the specified date from March 31, 2015 to June 30, 2016, resulting in an adjustment to the discounted value of the note receivable in the amount of $1.6 million. This adjustment was recorded in "Interest income" in the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2013. There are currently no indications of impairment on the remaining installment and the Company expects to receive full payment upon the earlier of the mine's first shipment or June 30, 2016. The remaining balance associated with these receivables is recorded in "Investments and other assets," which was $29.3 million and $33.6 million at September 30, 2013 and December 31, 2012, respectively, in the condensed consolidated balance sheets. | |||||||||
Middlemount Mine. The Company periodically makes loans to the Middlemount Mine joint venture (Middlemount), in which the Company owns a 50% equity interest, pursuant to the related shareholders’ agreement for purposes of funding capital expenditures and working capital requirements. Middlemount intends to pay down the loans as excess cash is generated as required by the shareholders’ agreement. The loans bear interest at a rate equal to the monthly average 30-day Australian Bank Bill Swap Reference Rate plus 3.5% and expire December 24, 2015. Based on the expected timing of repayment on these loans, which the Company projects will extend beyond the stated expiration date, the Company considers these loans to be of a long-term nature. As a result, the foreign currency impact related to the shareholder loans is included in foreign currency translation adjustment in the unaudited condensed consolidated balance sheet as of September 30, 2013 and the unaudited condensed consolidated statements of comprehensive income for the three and nine months then ended. "Investments and other assets" included $336.2 million and $357.4 million at September 30, 2013 and December 31, 2012, respectively, related to these loans in the condensed consolidated balance sheets. | |||||||||
Other Financing Receivables. From time to time, the Company may enter into transactions resulting in accounts or notes receivable held by the Company, which have been reflected in "Accounts receivable, net." These notes are generally short term in nature with positive historical collection experience and do not represent a material credit risk to the Company. During the second quarter of 2013, the Company sold non-strategic coal reserves and surface lands for cash of $35.0 million and a note receivable totaling $35.0 million, which is due in December 2013. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefit Costs | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | ' | ||||||||||||||||
Pension and Postretirement Benefit Costs | |||||||||||||||||
Net periodic pension costs included the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost for benefits earned | $ | 0.6 | $ | 0.5 | $ | 1.7 | $ | 1.5 | |||||||||
Interest cost on projected benefit obligation | 10.6 | 11.7 | 31.7 | 35.1 | |||||||||||||
Expected return on plan assets | (14.9 | ) | (15.9 | ) | (44.6 | ) | (47.8 | ) | |||||||||
Amortization of actuarial loss and prior service cost | 16.6 | 12.4 | 49.9 | 37.2 | |||||||||||||
Net periodic pension costs | $ | 12.9 | $ | 8.7 | $ | 38.7 | $ | 26 | |||||||||
Annual contributions to the qualified plans are made in accordance with minimum funding standards and the Company's agreement with the Pension Benefit Guaranty Corporation (PBGC). Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006 (generally 80%). The Company currently expects its qualified plans to be at or above the Pension Protection Act thresholds for 2013 and will therefore avoid benefit restrictions and at-risk penalties. Based upon minimum funding requirements in accordance with the Moving Ahead for Progress in the 21st Century Act (MAP-21) issued in July 2012, the Company expects to contribute approximately $2.0 million in 2013 to meet minimum funding requirements for its qualified plans and benefit payments for its non-qualified plans. | |||||||||||||||||
Net periodic postretirement benefit costs included the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost for benefits earned | $ | 4 | $ | 3.6 | $ | 11.8 | $ | 10.9 | |||||||||
Interest cost on accumulated postretirement benefit obligation | 10.5 | 13.7 | 31.4 | 41.2 | |||||||||||||
Amortization of actuarial loss and prior service cost | 5.6 | 8.8 | 16.8 | 26.2 | |||||||||||||
Special termination benefits | (0.6 | ) | — | 0.9 | — | ||||||||||||
Net periodic postretirement benefit costs | $ | 19.5 | $ | 26.1 | $ | 60.9 | $ | 78.3 | |||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||
The following table sets forth the after-tax components of accumulated other comprehensive (loss) income and changes thereto recorded during the nine months ended September 30, 2013: | ||||||||||||||||||||||||
Foreign | Net | Prior Service | Cash Flow | Available-For-Sale Securities | Total | |||||||||||||||||||
Currency | Actuarial Loss | Cost Associated | Hedges | Accumulated | ||||||||||||||||||||
Translation | Associated with | with | Other | |||||||||||||||||||||
Adjustment | Postretirement | Postretirement | Comprehensive | |||||||||||||||||||||
Plans and | Plans | (Loss) Income | ||||||||||||||||||||||
Workers’ | ||||||||||||||||||||||||
Compensation | ||||||||||||||||||||||||
Obligations | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
31-Dec-12 | $ | 22.2 | $ | (411.7 | ) | $ | 12.7 | $ | 387.5 | $ | 0.3 | $ | 11 | |||||||||||
Net change in fair value | — | — | — | (217.7 | ) | (10.7 | ) | (228.4 | ) | |||||||||||||||
Reclassification from other comprehensive income to earnings | — | 42.9 | (0.3 | ) | (175.5 | ) | 13.3 | (119.6 | ) | |||||||||||||||
Current period change | (68.9 | ) | — | — | — | — | (68.9 | ) | ||||||||||||||||
30-Sep-13 | $ | (46.7 | ) | $ | (368.8 | ) | $ | 12.4 | $ | (5.7 | ) | $ | 2.9 | $ | (405.9 | ) | ||||||||
The following table provides additional information regarding items reclassified out of "Accumulated other comprehensive (loss) income" into earnings during the three and nine months ended September 30, 2013: | ||||||||||||||||||||||||
Amount reclassifed from accumulated other comprehensive (loss) income (1) | ||||||||||||||||||||||||
Details about accumulated other comprehensive income (loss) components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected line item in the condensed consolidated statement of operations | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Net actuarial loss associated with postretirement plans and workers compensation obligations: | ||||||||||||||||||||||||
Postretirement health care and life insurance benefits | $ | (6.0 | ) | $ | (18.0 | ) | Operating costs and expenses | |||||||||||||||||
Defined benefit pension plans | (13.6 | ) | (40.8 | ) | Operating costs and expenses | |||||||||||||||||||
Defined benefit pension plans | (2.8 | ) | (8.4 | ) | Selling and administrative expenses | |||||||||||||||||||
Insignificant items | (0.3 | ) | (0.9 | ) | ||||||||||||||||||||
(22.7 | ) | (68.1 | ) | Total before income taxes | ||||||||||||||||||||
8.4 | 25.2 | Income tax benefit | ||||||||||||||||||||||
$ | (14.3 | ) | $ | (42.9 | ) | Total after income taxes | ||||||||||||||||||
Prior service cost associated with postretirement plans: | ||||||||||||||||||||||||
Postretirement health care and life insurance benefits | $ | 0.4 | $ | 1.2 | Operating costs and expenses | |||||||||||||||||||
Defined benefit pension plans | (0.2 | ) | (0.7 | ) | Operating costs and expenses | |||||||||||||||||||
0.2 | 0.5 | Total before income taxes | ||||||||||||||||||||||
(0.1 | ) | (0.2 | ) | Income tax provision | ||||||||||||||||||||
$ | 0.1 | $ | 0.3 | Total after income taxes | ||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Foreign currency cash flow hedge contracts | $ | 9.9 | $ | 157.1 | Operating costs and expenses | |||||||||||||||||||
Fuel and explosives commodity swaps | 4.5 | 12 | Operating costs and expenses | |||||||||||||||||||||
Coal trading commodity futures, swaps and options | 37.8 | 88.8 | Other revenues | |||||||||||||||||||||
Insignificant items | (0.2 | ) | (0.5 | ) | ||||||||||||||||||||
52 | 257.4 | Total before income taxes | ||||||||||||||||||||||
(17.2 | ) | (81.9 | ) | Income tax provision | ||||||||||||||||||||
$ | 34.8 | $ | 175.5 | Total after income taxes | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Debt securities | $ | — | $ | 0.1 | Interest income | |||||||||||||||||||
Equity securities | — | (21.5 | ) | Asset impairment | ||||||||||||||||||||
— | (21.4 | ) | Total before income taxes | |||||||||||||||||||||
— | 8.1 | Income tax benefit | ||||||||||||||||||||||
$ | — | $ | (13.3 | ) | Total after income taxes | |||||||||||||||||||
(1) | Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Resource_Management_and_Other_
Resource Management and Other Commercial Events (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Resource Management and Other Commercial Events [Abstract] | ' |
Resource Management And Other Commercial Events [Text Block] | ' |
Resource Management and Other Commercial Events | |
Divestitures | |
In June 2013, the Company sold non-strategic coal reserves and surface lands located in Kentucky in exchange for cash proceeds of $35.0 million and short-term notes receivable totaling $35.0 million and recognized a gain on sale of $40.3 million, which was classified in "Net gain on disposal or exchange of assets" in the unaudited condensed consolidated statements of operations for the nine months ended September 30, 2013. The non-cash portion of this transaction was excluded from the investing section of the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2013. | |
Cost Method Investment | |
During the nine months ended September 30, 2012, the Company evaluated the commercial viability of a partnership project underlying an investment accounted for under the cost method due to adverse changes in the operating and regulatory environment surrounding the project. As a result of that review, the Company concluded there to be significant doubt as to the ability of the project to continue development and recorded a charge of $7.7 million to fully impair the carrying value of the investment, the estimated fair value of which is considered a nonrecurring Level 3 fair value measurement. | |
Acquisition | |
In June 2012, the Company acquired the remaining noncontrolling interests in MCG Coal Holdings Pty Ltd (MCGH), an Australian subsidiary in which an equity interest was first acquired in late 2011, for total consideration of $49.8 million. This acquisition was accounted for as an equity transaction as the Company previously maintained control of MCGH. |
Earnings_per_Share_EPS
Earnings per Share (EPS) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share (EPS) | ' | ||||||||||||||||
Earnings per Share (EPS) | |||||||||||||||||
Basic and diluted EPS are computed using the two-class method, which is an earnings allocation that determines EPS for each class of common stock and participating securities according to dividends declared and participation rights in undistributed earnings. The Company’s restricted stock awards are considered participating securities because holders are entitled to receive non-forfeitable dividends during the vesting term. Diluted EPS includes securities that could potentially dilute basic EPS during a reporting period, for which the Company includes the Debentures and share-based compensation awards. Dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive. | |||||||||||||||||
For all but the performance units, the potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. Under the treasury stock method, awards are treated as if they had been exercised with any proceeds used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of shares issued and purchased is included in the diluted share computation. For the Company’s performance units, their contingent features result in an assessment for any potentially dilutive common stock by using the end of the reporting period as if it were the end of the contingency period for all units granted. For further discussion of the Company’s share-based compensation awards, see Note 18 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||||||
A conversion of the Debentures may result in payment for any conversion value in excess of the principal amount of the Debentures in the Company’s common stock. For diluted EPS purposes, potential common stock is calculated based on whether the market price of the Company’s common stock at the end of each reporting period is in excess of the conversion price of the Debentures. For a full discussion of the conditions under which the Debentures may be converted, the conversion rate to common stock and the conversion price, see Note 12 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. The effect of the Debentures was excluded from the calculation of diluted EPS for all periods presented because to do so would have been anti-dilutive for those periods. | |||||||||||||||||
The computation of diluted EPS also excluded aggregate stock options and restricted stock awards of approximately 3.3 million and 0.1 million for the three months ended September 30, 2013 and 2012, respectively, and 3.3 million and 0.1 million for the nine months ended September 30, 2013 and 2012, respectively, because to do so would have been anti-dilutive for those periods. The potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method. Anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company's average stock price during the applicable period. | |||||||||||||||||
The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
EPS numerator: | |||||||||||||||||
Income from continuing operations, net of income taxes | $ | 24 | $ | 122.9 | $ | 115.1 | $ | 520.4 | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | 7 | (1.3 | ) | 7.8 | 7.4 | ||||||||||||
Income from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | 17 | 124.2 | 107.3 | 513 | |||||||||||||
Less: Earnings from continuing operations allocated to participating securities | 0.2 | 0.8 | 0.6 | 3.8 | |||||||||||||
Income from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) | 16.8 | 123.4 | 106.7 | 509.2 | |||||||||||||
Loss from discontinued operations, net of income taxes | (43.1 | ) | (81.3 | ) | (66.5 | ) | (92.7 | ) | |||||||||
Less: Loss from discontinued operations allocated to participating securities (1) | — | (0.6 | ) | — | (0.8 | ) | |||||||||||
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (43.1 | ) | (80.7 | ) | (66.5 | ) | (91.9 | ) | |||||||||
Net (loss) income attributable to common stockholders, after | $ | (26.3 | ) | $ | 42.7 | $ | 40.2 | $ | 417.3 | ||||||||
allocation of earnings to participating securities (1) | |||||||||||||||||
EPS denominator: | |||||||||||||||||
Weighted average shares outstanding — basic | 267.2 | 266.2 | 267 | 268.5 | |||||||||||||
Impact of dilutive securities | 0.5 | 0.6 | 0.5 | 0.7 | |||||||||||||
Weighted average shares outstanding — diluted | 267.7 | 266.8 | 267.5 | 269.2 | |||||||||||||
Basic EPS attributable to common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.46 | $ | 0.4 | $ | 1.89 | |||||||||
Loss from discontinued operations | (0.16 | ) | (0.30 | ) | (0.25 | ) | (0.34 | ) | |||||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | $ | 0.15 | $ | 1.55 | ||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.46 | $ | 0.4 | $ | 1.89 | |||||||||
Loss from discontinued operations | (0.16 | ) | (0.30 | ) | (0.25 | ) | (0.34 | ) | |||||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | $ | 0.15 | $ | 1.55 | ||||||||
(1) | The reallocation adjustment for participating securities to arrive at the numerator used to calculate diluted EPS was less than $0.1 million for the periods presented. |
Financial_Instruments_and_Guar
Financial Instruments and Guarantees with Off-Balance-Sheet Risk | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | ' | |||||||||||||||||||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk | ' | |||||||||||||||||||
Financial Instruments, Guarantees with Off-Balance Sheet Risk and Other Guarantees | ||||||||||||||||||||
In the normal course of business, the Company is a party to guarantees and financial instruments with off-balance-sheet risk, which are not reflected in the accompanying condensed consolidated balance sheets. Such financial instruments are valued based on the amount of exposure under the instrument and the likelihood of required performance. In the Company’s past experience, virtually no claims have been made against these financial instruments. Management does not expect any material losses to result from these guarantees or off-balance-sheet instruments. | ||||||||||||||||||||
Financial Instruments with Off-Balance Sheet Risk | ||||||||||||||||||||
As of September 30, 2013, the Company had the following financial instruments with off-balance sheet risk: | ||||||||||||||||||||
Reclamation | Lease | Workers’ | Other(1) | Total | ||||||||||||||||
Obligations | Obligations | Compensation | ||||||||||||||||||
Obligations | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Self bonding | $ | 1,242.50 | $ | — | $ | — | $ | — | $ | 1,242.50 | ||||||||||
Surety bonds | 369.9 | 109.7 | 34.2 | 8.7 | 522.5 | |||||||||||||||
Bank guarantees | 273.8 | — | — | 144.6 | 418.4 | |||||||||||||||
Letters of credit | — | — | 32.3 | 84.7 | 117 | |||||||||||||||
$ | 1,886.20 | $ | 109.7 | $ | 66.5 | $ | 238 | $ | 2,300.40 | |||||||||||
(1) | Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and TXU Europe Limited described below and an additional $158.3 million in bank guarantees, surety bonds and letters of credit related to collateral for surety companies, road maintenance, performance guarantees and other operations. | |||||||||||||||||||
The Company owns a 37.5% interest in Dominion Terminal Associates, a partnership that operates a coal export terminal in Newport News, Virginia under a 30-year lease that expires July 1, 2016 and permits the partnership to purchase the terminal at the end of the lease term for a nominal amount. The partners have severally (but not jointly) agreed to make payments under various agreements which in the aggregate provide the partnership with sufficient funds to pay rents and to cover the principal and interest payments on the floating-rate industrial revenue bonds issued by the Peninsula Ports Authority, and which are supported by letters of credit from a commercial bank. As of September 30, 2013, the Company’s maximum reimbursement obligation to the commercial bank was in turn supported by four letters of credit totaling $42.7 million. | ||||||||||||||||||||
The Company is party to an agreement with the PBGC and TXU Europe Limited, an affiliate of the Company’s former parent corporation, under which the Company is required to make special contributions to two of the Company’s defined benefit pension plans and to maintain a $37.0 million letter of credit in favor of the PBGC. If the Company or the PBGC gives notice of an intent to terminate one or more of the covered pension plans in which liabilities are not fully funded, or if the Company fails to maintain the letter of credit, the PBGC may draw down on the letter of credit and use the proceeds to satisfy liabilities under the Employee Retirement Income Security Act of 1974, as amended. The PBGC, however, is required to first apply amounts received from a $110.0 million guarantee in place from TXU Europe Limited in favor of the PBGC before it draws on the Company’s letter of credit. On November 19, 2002, TXU Europe Limited was placed under the administration process in the U.K. (a process similar to bankruptcy proceedings in the U.S.) and continues under this process as of September 30, 2013. As a result of these proceedings, TXU Europe Limited may be liquidated or otherwise reorganized in such a way as to relieve it of its obligations under its guarantee. | ||||||||||||||||||||
In June 2013, one of the Company's wholly-owned captive insurance subsidiaries entered into a letter of credit arrangement for $22.3 million in relation to certain of its workers' compensation and other insurance-related obligations whereby that subsidiary has pledged $31.9 million of its investments in debt securities as collateral. This arrangement reduces the letters of credit drawn on the Company's 2013 Credit Facility and effectively lowers the fees associated with the related letters of credit. | ||||||||||||||||||||
Accounts Receivable Securitization | ||||||||||||||||||||
The Company has an accounts receivable securitization program (securitization program) with a maximum capacity of $275.0 million through its wholly owned, bankruptcy-remote subsidiary (Seller). At September 30, 2013, the Company had $148.3 million remaining capacity available under the securitization program, net of outstanding letters of credit and amounts drawn. Under the securitization program, the Company contributes trade receivables of most of the Company's U.S. subsidiaries on a revolving basis to the Seller, which then sells the receivables in their entirety to a consortium of unaffiliated asset-backed commercial paper conduits and banks (the Conduits). After the sale, the Company, as servicer of the assets, collects the receivables on behalf of the Conduits for a nominal servicing fee. The Company utilizes proceeds from the sale of its accounts receivable as an alternative to short-term borrowings under the revolving credit facility portion of the Company’s Credit Facility, effectively managing its overall borrowing costs and providing an additional source of working capital. The securitization program was renewed in May 2013 and will expire in April 2016. | ||||||||||||||||||||
The Seller is a separate legal entity whose assets are available first and foremost to satisfy the claims of its creditors. Of the receivables sold to the Conduits, a portion of the amount due to the Seller is deferred until the ultimate collection of the underlying receivables. During the nine months ended September 30, 2013, the Company received total consideration of $3,159.1 million related to accounts receivable sold under the securitization program, including $2,021.3 million of cash up front from the sale of the receivables, an additional $968.6 million of cash upon the collection of the underlying receivables and $169.2 million that had not been collected at September 30, 2013 and was recorded at carrying value, which approximates fair value. The reduction in accounts receivable as a result of securitization activity with the Conduits was $65.9 million and $25.0 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
The securitization activity has been reflected in the unaudited condensed consolidated statements of cash flows as an operating activity because both the cash received from the Conduits upon sale of the receivables as well as the cash received from the Conduits upon the ultimate collection of the receivables are not subject to significantly different risks given the short-term nature of the Company’s trade receivables. The Company recorded expense associated with securitization transactions of $0.5 million for each of the three months ended September 30, 2013 and 2012, and $1.2 million and $1.4 million for each of the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||||
Patriot Bankruptcy | ||||||||||||||||||||
On October 31, 2007, the Company spun-off companies that constituted portions of its former Eastern U.S. Mining operations business segment to form Patriot Coal Corporation (Patriot). The spin-off included eight company-operated mines, two majority-owned joint venture mines and numerous contractor-operated mines serviced by eight coal preparation facilities, along with 1.2 billion tons of proven and probable coal reserves. On July 9, 2012, Patriot and certain of its wholly owned subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Code in the U.S. Bankruptcy Court for the Southern District of New York. The case was subsequently moved to the U.S. Bankruptcy Court for the Eastern District of Missouri. | ||||||||||||||||||||
See Note 16. "Commitments and Contingencies" to the unaudited condensed consolidated financial statements for a discussion of the Patriot bankruptcy and related litigation. On October 25, 2013, the Company entered into a definitive settlement agreement with Patriot and the United Mine Workers of America (UMWA), on behalf of itself, its represented Patriot employees and its represented Patriot retirees, to resolve all issues related to Patriot’s bankruptcy. That agreement has been filed with the bankruptcy court. The settlement is subject to, among other conditions, bankruptcy court approval and Patriot’s emergence from bankruptcy. | ||||||||||||||||||||
If Patriot emerges from bankruptcy, the Company believes that it will continue to have potential exposure of up to approximately $150 million in possible Patriot federal and state black lung occupational disease liabilities. As Patriot noted in its Annual Report on Form 10-K for the year ended December 31, 2012, it has posted $15 million in collateral with the U.S. Department of Labor (DOL) in exchange for the right to self-insure its liabilities under the Federal Coal Mine Health and Safety Act of 1969 (Black Lung Act). If Patriot emerges from bankruptcy and the settlement becomes effective, this collateral will be released and replaced by collateral posted by the Company. If Patriot is unable to meet its black lung liability obligations, the Company believes that the DOL will first look to this collateral for payment. The Black Lung Act allows the DOL to seek recovery from other potentially liable operators as well. The Company may be considered a potentially liable operator for purposes of the Black Lung Act with respect to the black lung liabilities of Patriot at the time of the spin-off. | ||||||||||||||||||||
Other | ||||||||||||||||||||
Included in "Other noncurrent liabilities" in the Company's condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012 is a liability of $45.6 million related to reclamation and bonding commitments provided on behalf of a third-party coal producer associated with a 2007 purchase of coal reserves and surface lands in the Illinois Basin. | ||||||||||||||||||||
The Company is the lessee under numerous equipment and property leases. It is common in such commercial lease transactions for the Company, as the lessee, to agree to indemnify the lessor for the value of the property or equipment leased, should the property be damaged or lost during the course of the Company’s operations. The Company expects that losses with respect to leased property, if any, would be covered by insurance (subject to deductibles). The Company and certain of its subsidiaries have guaranteed other subsidiaries’ performance under various lease obligations. Aside from indemnification of the lessor for the value of the property leased, the Company’s maximum potential obligations under its leases are equal to the respective future minimum lease payments, and the Company assumes that no amounts could be recovered from third parties. | ||||||||||||||||||||
The Company has provided financial guarantees under certain long-term debt agreements entered into by its subsidiaries and substantially all of the Company’s U.S. subsidiaries provide financial guarantees under long-term debt agreements entered into by the Company. The maximum amounts payable under the Company’s debt agreements are equal to the respective principal and interest payments. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Commitments | |
Unconditional Purchase Obligations | |
As of September 30, 2013, purchase commitments for capital expenditures were $154.6 million, all of which are obligated within the next three years, with $76.9 million obligated in the next 12 months. | |
There were no other material changes to the Company’s commitments from the information provided in Note 24 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
Contingencies | |
From time to time, the Company or its subsidiaries are involved in legal proceedings arising in the ordinary course of business or related to indemnities or historical operations. The Company believes it has recorded adequate reserves for these liabilities and that there is no individual case pending that is likely to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company discusses its significant legal proceedings below. | |
Litigation Relating to Continuing Operations | |
Gulf Power Company. On June 22, 2006, Gulf Power Company (Gulf Power) filed a breach of contract lawsuit against a Company subsidiary in the U.S. District Court, Northern District of Florida, contesting the force majeure declaration by the Company’s subsidiary under a coal supply agreement with Gulf Power and seeking damages for alleged past and future tonnage shortfalls of nearly 5 million tons under the agreement, which expired on December 31, 2007. On June 30, 2009, the court granted Gulf Power’s motion for partial summary judgment on liability and denied the Company subsidiary’s motion for summary judgment. On September 30, 2010, the court entered its order on damages, awarding Gulf Power zero dollars in damages and the Company subsidiary its costs to defend the lawsuit. Gulf Power subsequently filed a motion to alter or amend the judgment, contesting the trial court’s damages order, to which the Company subsidiary objected. The court entered an order on July 29, 2011 that affirmed its September 30, 2010 decision in all respects except for 2007 cover coal purchases and granted in part Gulf Power's motion to alter judgment with respect to 2007 cover coal purchases. On September 30, 2011, the court entered an order awarding Gulf Power damages in the amount of $20.6 million for its 2007 cover coal purchases. The court later entered another order awarding Gulf Power prejudgment interest in the amount of $6.9 million plus post-judgment interest. The Company's subsidiary and Gulf Power both appealed and, on June 26, 2013, the U.S. Court of Appeals for the Eleventh Circuit issued its order affirming the District Court's judgment in all respects. The Company and Gulf Power have agreed not to seek judicial review of the Eleventh Circuit's order and the Company paid the judgment during the third quarter of 2013. In connection with the order, the Company recorded a charge for the judgment amount of $20.6 million in "Operating costs and expenses" and $6.9 million in "Interest expense" in the unaudited condensed consolidated statement of operations for the nine months ended September 30, 2013. | |
Monto Coal Pty Limited, Monto Coal 2 Pty Ltd Limited and Macarthur Coal Limited. In October 2007, a statement of claim was delivered to Monto Coal Pty Ltd, a wholly owned subsidiary of PEA-PCI, then Macarthur Coal Limited, and Monto Coal 2 Pty Ltd, an equity accounted investee, from the minority interest holders in the Monto Coal Joint Venture, alleging that Monto Coal 2 Pty Ltd breached the Monto Coal Joint Venture Agreement and Monto Coal Pty Ltd breached the Monto Coal Management Agreement. Monto Coal Pty Ltd is the manager of the Monto Coal Joint Venture pursuant to the Management Agreement. Monto Coal 2 Pty Ltd holds a 51% interest in the Monto Coal Joint Venture. The plaintiffs are Sanrus Pty Ltd, Edge Developments Pty Ltd and H&J Enterprises (Qld) Pty Ltd. An additional statement of claim was delivered to PEA-PCI in November 2010 from the same minority interest holders in the Monto Coal Joint Venture, alleging that PEA-PCI induced Monto Coal 2 Pty Ltd and Monto Coal Pty Ltd to breach the Monto Coal Joint Venture Agreement and the Monto Coal Management Agreement, respectively. These actions, which are pending before the Supreme Court of Queensland, Australia, seek damages from the three defendants collectively of no less than $1,193.2 million Australian dollars, plus interest and costs. The defendants dispute the claims and are vigorously defending their positions. Based on the Company's evaluation of the issues and their potential impact, the amount of any future loss cannot be reasonably estimated. However, based on current information, the Company believes these claims are likely to be finalized without a material adverse effect on its financial condition, results of operations or cash flows. | |
Sumiseki Materials Co Ltd. In 2010, the Class B shareholder (noncontrolling interest holder) in Wambo Coal Pty Ltd (Wambo), an Australian subsidiary of the Company, filed a lawsuit in the Supreme Court of New South Wales, Australia, against Wambo alleging the Class B shareholder was entitled to certain dividend payments from Wambo (subject to limited exceptions) and requested payment of those dividends for periods from 2009 to 2012. | |
On March 25, 2013, the Supreme Court issued a judgment in favor of the plaintiff's position that the Class B shareholder was entitled to dividend payments (subject to limited exceptions), thus requiring Wambo to pay dividends to the Class B shareholder for the periods in question. The Supreme Court issued finalized orders on May 3, 2013, including the final calculation of amounts due for dividends during the periods from 2009 to 2012 totaling $29.2 million plus interest of $5.7 million. Amounts of the finalized orders are presented in U.S. dollars at foreign currency exchange rates in effect at September 30, 2013. | |
Wambo appealed the Supreme Court's decision, and has posted the requisite security of $34.9 million with the court in the form of cash payment into an interest bearing trust account jointly operated by the parties. Wambo also posted an additional cash payment of $4.1 million into that account on October 11, 2013 related to potential Class B shareholder dividends for the six months ended June 30, 2013. Because the Supreme Court's order allows for the substitution of that posted cash payment with a bank guarantee from an Australian bank or another form of acceptable security, those funds remain readily available to the Company and have therefore been reflected in "Cash and cash equivalents" in the unaudited condensed consolidated balance sheet as of September 30, 2013. Based on information currently available, the Company believes that its subsidiary should be successful in the appeals process, and therefore, has not declared any dividends and continues to reflect the previously allocated earnings to "Noncontrolling interests" in the unaudited condensed consolidated balance sheet as of September 30, 2013. If the Supreme Court's ruling is upheld, the Company believes the claims are likely to be finalized without a material adverse effect on its financial condition, results of operations or cash flows. | |
Claims and Litigation Relating to Indemnities or Historical Operations | |
Patriot Coal Corporation. On March 14, 2013, Patriot filed a motion in its bankruptcy proceeding seeking authority to reject its collective bargaining agreements under section 1113 of the Bankruptcy Code and change its obligation to pay benefits it provides to certain of its retirees pursuant to section 1114 of the Bankruptcy Code and transferring the obligation to a Voluntary Employee Benefit Association (VEBA). At the same time, Patriot also filed a declaratory judgment complaint against the Company and one of its subsidiaries seeking a declaration that Section 1(d) of the NBCWA Individual Employer Plan Liabilities Assumption Agreement dated October 22, 2007 (NBCWA Agreement) will not apply to reduce the subsidiary's healthcare benefits funding obligations if Patriot were to be successful under the bankruptcy code in changing the benefits it is required to pay to certain of its retirees under its labor agreements. On April 5, 2013, Patriot filed a motion for summary judgment with respect to the declaratory judgment complaint. After hearing both motions, the Court granted Patriot's section 1113/1114 motion and, on its own accord, granted the Company summary judgment on the declaratory judgment complaint. After the United Mine Workers of America (UMWA) appealed the Court's ruling on the section 1113/1114 motion, Patriot and the UMWA entered into new labor agreements pursuant to which the UMWA agreed to dismiss its appeal upon satisfaction of certain conditions. Patriot appealed the Court's grant of the summary judgment motion in the Company's and its subsidiary's favor, and an appellate court reversed. The Company and its subsidiary appealed the reversal to the United States Court of Appeals for the Eighth Circuit and filed a counterclaim in the declaratory judgment action against Patriot and the UMWA seeking a declaration that the subsidiary's healthcare benefits funding obligation will reduce to zero when one of Patriot's subsidiary's obligation to pay for retiree healthcare benefits reduces to zero under the terms of the new labor agreements. Patriot and the Official Committee of Unsecured Creditors of Patriot Coal Corporation have issued discovery requests to the Company pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure. In connection with the settlement discussed below, the 2004 discovery was suspended, as well as the adversary proceeding and related appeal in the Patriot bankruptcy case. | |
On October 4, 2013, the Company reached a preliminary agreement with Patriot and the UMWA, on behalf of itself, its represented Patriot employees (UMWA Employees) and its represented Patriot retirees (UMWA Retirees), to resolve all issues related to Patriot’s bankruptcy. On October 25, 2013, the parties entered into a definitive settlement agreement. On November 7, 2013, that agreement was approved by the bankruptcy court, and the order approving the agreement will become final after 14 days, provided that it is not appealed. Under the terms of the settlement agreement, the Company would provide total payments of $310 million, payable over four years through 2017, to partially fund the newly established VEBA and settle all Patriot and UMWA claims involving the Patriot bankruptcy. The Company’s obligations under the NBCWA Agreement would be deemed satisfied and that agreement terminated on the effective date of the settlement. As of September 30, 2013, the Company had approximately $271 million recorded in accumulated postretirement healthcare benefit obligations to Patriot on account of certain Patriot retirees under the NBCWA Agreement. Approximately $72 million of actuarial losses and prior service costs related to the NBCWA Agreement obligations are included in "Accumulated other comprehensive (loss) income" as of September 30, 2013, which is currently being amortized to net periodic postretirement benefit cost. The Company had approximately $344 million recorded in other accumulated postretirement healthcare benefit obligations to Patriot retirees at September 30, 2013 related to the Section 9711 Coal Act Liabilities Assumption Agreement dated October 22, 2007 (Coal Act Liabilities Assumption Agreement) and the Salaried Employee Liabilities Assumption Agreement dated October 22, 2007, which will continue. | |
As part of the settlement agreement, the Company also would provide approximately $140 million of credit support to Patriot, with approximately $100 million of this total credit support ending after five years. Approximately $56 million of the total credit support relates to Patriot’s Coal Act obligations that the Company agreed to fund at the time of the Patriot spin-off pursuant to the Coal Act Liabilities Assumption Agreement and to Patriot’s Federal Black Lung obligations for which the Company could be held responsible if Patriot fails to fund such obligations when they become due. The Company would also provide an extension of a coal terminalling agreement at our estimated cost through March 2016. | |
As of the effective date of the settlement, Patriot would assume (i) the agreements executed in connection with the Patriot spin-off, including Patriot’s indemnification obligations contained therein (subject to certain specified exceptions) and (ii) all other agreements entered into by Patriot and the Company prior to the bankruptcy filing and not previously assumed, rejected, terminated or expired. | |
In connection with the settlement agreement, Patriot, the UMWA, the UMWA Employees and the UMWA Retirees will release the Company and its subsidiaries and affiliates and their current and former professionals, employees, advisors, officers, directors, insurers and agents (Peabody Released Parties) from all Causes of Action (as defined in the settlement agreement). In addition, Patriot will include the Peabody Released Parties in any third-party release, exculpation and injunction provisions contained in the Patriot plan of reorganization to the extent permitted by law, and the UMWA has agreed that it will not object to any such releases. | |
The settlement is subject to, among other conditions, Patriot's emergence from bankruptcy. Patriot’s emergence from bankruptcy is dependent on Patriot, among other things, obtaining creditor approval of the plan of reorganization, securing debt financing from commercial lenders, completing a successful rights offering and meeting certain liquidity metrics at the time of its emergence from bankruptcy. Since the settlement is subject to various conditions, most of which are outside the Company’s control, including the emergence of Patriot from bankruptcy, the Company did not recognize any related settlement charges during the nine months ended September 30, 2013. At such time as Patriot does emerge from bankruptcy and the settlement becomes effective, the Company would recognize settlement charges ranging between $120 million and $140 million, allocated between: (1) a charge related to settlement of the accumulated postretirement healthcare benefit obligations of certain Patriot retirees under the NBCWA Agreement and (2) a charge to discontinued operations related to the settlement of other claims involving the Patriot bankruptcy. Should Patriot not emerge from bankruptcy, the Company intends to vigorously defend itself against any pending or threatened litigation related to the Patriot bankruptcy, and would seek a judicial resolution of the Company's subsidiary's obligations under the NBCWA Agreement. Litigation costs related to the Patriot bankruptcy and funding obligations under the NBCWA Agreement during the nine months ended September 30, 2013 totaled approximately $14 million and $15 million, respectively. | |
Lowe et al. v. Peabody Holding Company, LLC, et al. On October 23, 2012, eight individual plaintiffs and the UMWA filed a putative class action lawsuit in the U.S. District Court for the Southern District of West Virginia against the Company, one of its subsidiaries and an unrelated coal company. The lawsuit sought to have the court obligate the defendants to maintain certain Patriot benefit plans at their current levels and to find the defendants' actions in violation of the Employee Retirement Income Security Act of 1974. On January 7, 2013, the Company defendants filed a motion to dismiss the complaint for failure to state a claim upon which relief can be granted. The plaintiffs thereafter amended their complaint to include new allegations and name two more individuals as plaintiffs. The Company defendants updated their motion to dismiss to respond to the new allegations and filed it with the Court. On September 27, 2013, the Court granted the Company defendants' motion to dismiss, and plaintiffs appealed the dismissal to the United States Court of Appeals for the Fourth Circuit. The parties sought and obtained an abeyance of the appeal of the dismissal of this case pending the effectiveness of the settlement with Patriot and the UMWA discussed above. The Company believes the lawsuit is without merit and, should Patriot not emerge from bankruptcy, will vigorously defend against it. | |
Environmental Claims and Litigation | |
Claims Arising From Historical, Non-Coal Producing Operations. Gold Fields Mining, LLC (Gold Fields) is a dormant, non-coal producing entity that was previously managed and owned by Hanson plc, the Company's predecessor owner. In a February 1997 spin-off, Hanson plc transferred ownership of Gold Fields to the Company, despite the fact that Gold Fields had no ongoing operations and the Company had no prior involvement in its past operations. Gold Fields is currently one of the Company's subsidiaries. The Company indemnified TXU Group with respect to certain claims relating to the historical operations of a former affiliate of Gold Fields. | |
Environmental claims for remediation, past costs, future costs, and/or natural resource damages have been asserted against Gold Fields related to historical activities of Gold Fields or a former affiliate. Gold Fields or the former affiliate has been named a potentially responsible party (PRP) at five national priority list sites based on the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). CERCLA claims were asserted at 13 additional sites, bringing the total to 18, which have since been reduced to 8 by completion of work, transfer or regulatory inactivity. The number of CERCLA sites in and of itself is not a relevant measure of liability because the nature and extent of environmental concerns and costs varies by site, as does the estimated share of responsibility relative to other PRPs for Gold Fields or the former affiliate. | |
Undiscounted liabilities for environmental cleanup-related costs for all of the sites noted above were $59.0 million as of September 30, 2013 and $46.7 million as of December 31, 2012, $14.8 million and $10.6 million of which was reflected as a current liability, respectively. These amounts represent those costs that the Company believes are probable and reasonably estimable. | |
Significant uncertainty exists as to whether claims will be pursued against Gold Fields or the former affiliate in all cases, and where they are pursued, the amount of the eventual costs and liabilities, which could be greater or less than the liabilities recorded in the condensed consolidated balance sheets. Based on the Company's evaluation of the issues and their potential impact, the total amount of any future loss cannot be reasonably estimated. However, based on current information, the Company believes these claims are likely to be resolved without a material adverse effect on its financial condition, results of operations or cash flows. | |
Other | |
At times the Company becomes a party to other disputes, including those related to contract miner performance; claims; lawsuits; arbitration proceedings; and administrative procedures in the ordinary course of business in the U.S., Australia and other countries where the Company does business. For example, in June 2007, the New York Office of the Attorney General served a letter and subpoena on the Company, seeking information and documents relating to the Company's disclosure to investors of risks associated with possible climate change and related legislation and regulations. The Company believes it has made full and proper disclosure of these potential risks. In addition, in January 2013, the Securities and Exchange Commission (SEC) staff served a subpoena on the Company seeking information and documents relating to the development of Prairie State Energy Campus, a 1,600 megawatt coal-fueled electricity generation plant and adjacent coal mine in Illinois in which the Company owns a 5.06% undivided interest. The Company is cooperating with the SEC's investigation. Based on current information, the Company believes that such other pending or threatened proceedings are likely to be resolved without a material adverse effect on its financial condition, results of operations or cash flows. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
The Company reports its results of operations primarily through the following reportable segments: “Australian Mining," “Western U.S. Mining,” “Midwestern U.S. Mining,” “Trading and Brokerage” and “Corporate and Other.” The Company’s chief operating decision maker uses Adjusted EBITDA as the primary measure of segment profit and loss. The Company defines Adjusted EBITDA as income from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses, depreciation, depletion and amortization, asset impairment and mine closure costs and amortization of basis difference related to equity affiliates. | |||||||||||||||||
Reportable segment results were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Australian Mining | $ | 705.3 | $ | 866 | $ | 2,188.10 | $ | 2,605.00 | |||||||||
Western U.S. Mining | 705.4 | 783.5 | 1,986.40 | 2,213.50 | |||||||||||||
Midwestern U.S. Mining | 346.6 | 355.7 | 1,013.30 | 1,050.30 | |||||||||||||
Trading and Brokerage | 32.1 | 45.6 | 54.6 | 173.7 | |||||||||||||
Corporate and Other | 8.2 | 8 | 28.5 | 18.1 | |||||||||||||
Total | $ | 1,797.60 | $ | 2,058.80 | $ | 5,270.90 | $ | 6,060.60 | |||||||||
Adjusted EBITDA: | |||||||||||||||||
Australian Mining | $ | 74.8 | $ | 221.4 | $ | 287.7 | $ | 757.4 | |||||||||
Western U.S. Mining | 193.5 | 243.9 | 508.9 | 616.3 | |||||||||||||
Midwestern U.S. Mining | 112.4 | 103.5 | 331.5 | 317.4 | |||||||||||||
Trading and Brokerage | 17.2 | 35.7 | (7.8 | ) | 109.2 | ||||||||||||
Corporate and Other | (85.9 | ) | (136.9 | ) | (273.9 | ) | (371.1 | ) | |||||||||
Total | $ | 312 | $ | 467.6 | $ | 846.4 | $ | 1,429.20 | |||||||||
A reconciliation of Adjusted EBITDA to consolidated income from continuing operations, net of income taxes follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Total Adjusted EBITDA | $ | 312 | $ | 467.6 | $ | 846.4 | $ | 1,429.20 | |||||||||
Depreciation, depletion and amortization | 186.4 | 172.5 | 542.8 | 470.7 | |||||||||||||
Asset impairment | — | 7.7 | 21.5 | 7.7 | |||||||||||||
Amortization of basis difference related to equity affiliates | — | (0.2 | ) | 4 | 3 | ||||||||||||
Asset retirement obligation expenses | 13.4 | 21.1 | 50.7 | 53.3 | |||||||||||||
Interest expense | 111 | 99.4 | 323.1 | 308.3 | |||||||||||||
Interest income | (4.2 | ) | (5.1 | ) | (11.2 | ) | (19.7 | ) | |||||||||
Income tax (benefit) provision | (18.6 | ) | 49.3 | (199.6 | ) | 85.5 | |||||||||||
Income from continuing operations, net of income taxes | $ | 24 | $ | 122.9 | $ | 115.1 | $ | 520.4 | |||||||||
Supplemental_GuarantorNonGuara
Supplemental Guarantor/Non-Guarantor Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Supplemental Guarantor Non Guarantor Financial Information [Abstract] | ' | |||||||||||||||||||
Supplemental Guarantor Non Guarantor Financial Information Disclosure [Text Block] | ' | |||||||||||||||||||
Supplemental Guarantor/Non-Guarantor Financial Information | ||||||||||||||||||||
In accordance with the indentures governing the 7.375% Senior Notes due November 2016, the 6.00% Senior Notes due November 2018, the 6.50% Senior Notes due September 2020, the 6.25% Senior Notes due November 2021 and the 7.875% Senior Notes due November 2026 (collectively the Senior Notes), certain 100% owned U.S. subsidiaries of the Company (each, a Guarantor Subsidiary) have fully and unconditionally guaranteed the Senior Notes, on a joint and several basis.The indentures governing the Senior Notes contain customary exceptions under which a guarantee of a Guarantor Subsidiary will terminate, including (a) the release or discharge of the guarantee of the Company’s Credit Agreement by such Guarantor Subsidiary, except a discharge or release by or as a result of payment under such guarantee, (b) a sale or other disposition, by way of merger, consolidation or otherwise, of all of the capital stock of such Guarantor Subsidiary, and (c) the legal defeasance or discharge of the indentures. Separate financial statements and other disclosures concerning the Guarantor Subsidiaries are not presented because management believes that such information is not material to the holders of the Senior Notes. The following historical financial statement information is provided for the Guarantor/Non-Guarantor Subsidiaries. | ||||||||||||||||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 1,005.80 | $ | 823.8 | $ | (32.0 | ) | $ | 1,797.60 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (14.4 | ) | 755.6 | 722.9 | (32.0 | ) | 1,432.10 | |||||||||||||
Depreciation, depletion and amortization | — | 83 | 103.4 | — | 186.4 | |||||||||||||||
Asset retirement obligation expenses | — | 4.8 | 8.6 | — | 13.4 | |||||||||||||||
Selling and administrative expenses | 11.2 | 38.5 | 5.3 | — | 55 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net gain on disposal or exchange of assets | — | (4.0 | ) | (0.1 | ) | — | (4.1 | ) | ||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (98.0 | ) | 2 | 0.6 | 98 | 2.6 | ||||||||||||||
Interest expense | 113 | 88.2 | 22.6 | (112.8 | ) | 111 | ||||||||||||||
Interest income | (0.1 | ) | (98.8 | ) | (18.1 | ) | 112.8 | (4.2 | ) | |||||||||||
Unrealized (gain) loss on derivatives | — | (19.7 | ) | 19.7 | — | — | ||||||||||||||
(Loss) income from continuing operations before income taxes | (11.7 | ) | 156.2 | (41.1 | ) | (98.0 | ) | 5.4 | ||||||||||||
Income tax provision (benefit) | 10 | (32.2 | ) | 3.6 | — | (18.6 | ) | |||||||||||||
(Loss) income from continuing operations, net of income taxes | (21.7 | ) | 188.4 | (44.7 | ) | (98.0 | ) | 24 | ||||||||||||
Loss from discontinued operations, net of income taxes | (4.4 | ) | (1.8 | ) | (36.9 | ) | — | (43.1 | ) | |||||||||||
Net (loss) income | (26.1 | ) | 186.6 | (81.6 | ) | (98.0 | ) | (19.1 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7 | — | 7 | |||||||||||||||
Net (loss) income attributable to common stockholders | $ | (26.1 | ) | $ | 186.6 | $ | (88.6 | ) | $ | (98.0 | ) | $ | (26.1 | ) | ||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net (loss) income | $ | (26.1 | ) | $ | 186.6 | $ | (81.6 | ) | $ | (98.0 | ) | $ | (19.1 | ) | ||||||
Other comprehensive income (loss), net of income taxes | 14.1 | 14.2 | (36.4 | ) | 22.2 | 14.1 | ||||||||||||||
Comprehensive (loss) income | (12.0 | ) | 200.8 | (118.0 | ) | (75.8 | ) | (5.0 | ) | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 7 | — | 7 | |||||||||||||||
Comprehensive (loss) income attributable to common stockholders | $ | (12.0 | ) | $ | 200.8 | $ | (125.0 | ) | $ | (75.8 | ) | $ | (12.0 | ) | ||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 1,336.90 | $ | 778.3 | $ | (56.4 | ) | $ | 2,058.80 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (95.6 | ) | 875.1 | 778.2 | (56.4 | ) | 1,501.30 | |||||||||||||
Depreciation, depletion and amortization | — | 84.8 | 87.7 | — | 172.5 | |||||||||||||||
Asset retirement obligation expenses | — | 11.8 | 9.3 | — | 21.1 | |||||||||||||||
Selling and administrative expenses | 8.3 | 54.5 | 5.9 | — | 68.7 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net (gain) loss on disposal or exchange of assets | — | (1.4 | ) | 1.2 | — | (0.2 | ) | |||||||||||||
Asset impairment | — | 7.7 | — | — | 7.7 | |||||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (117.0 | ) | 1.9 | 19.3 | 117 | 21.2 | ||||||||||||||
Interest expense | 101.8 | 5.8 | 124.4 | (132.6 | ) | 99.4 | ||||||||||||||
Interest income | (72.9 | ) | (46.8 | ) | (18.0 | ) | 132.6 | (5.1 | ) | |||||||||||
Unrealized (gain) loss on derivatives | — | (112.3 | ) | 112.3 | — | — | ||||||||||||||
Income (loss) from continuing operations before income taxes | 175.4 | 455.8 | (342.0 | ) | (117.0 | ) | 172.2 | |||||||||||||
Income tax provision (benefit) | 131.8 | 101.7 | (184.2 | ) | — | 49.3 | ||||||||||||||
Income (loss) from continuing operations, net of income taxes | 43.6 | 354.1 | (157.8 | ) | (117.0 | ) | 122.9 | |||||||||||||
Loss from discontinued operations, net of income taxes | (0.7 | ) | (75.9 | ) | (4.7 | ) | — | (81.3 | ) | |||||||||||
Net income (loss) | 42.9 | 278.2 | (162.5 | ) | (117.0 | ) | 41.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (1.3 | ) | — | (1.3 | ) | |||||||||||||
Net income (loss) attributable to common stockholders | $ | 42.9 | $ | 278.2 | $ | (161.2 | ) | $ | (117.0 | ) | $ | 42.9 | ||||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net income (loss) | $ | 42.9 | $ | 278.2 | $ | (162.5 | ) | $ | (117.0 | ) | $ | 41.6 | ||||||||
Other comprehensive income (loss), net of income taxes | 76.4 | 13.5 | (14.6 | ) | 1.1 | 76.4 | ||||||||||||||
Comprehensive income (loss) | 119.3 | 291.7 | (177.1 | ) | (115.9 | ) | 118 | |||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (1.3 | ) | — | (1.3 | ) | |||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | 119.3 | $ | 291.7 | $ | (175.8 | ) | $ | (115.9 | ) | $ | 119.3 | ||||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 2,992.90 | $ | 2,438.80 | $ | (160.8 | ) | $ | 5,270.90 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (168.9 | ) | 2,279.50 | 2,308.90 | (160.8 | ) | 4,258.70 | |||||||||||||
Depreciation, depletion and amortization | — | 248.1 | 294.7 | — | 542.8 | |||||||||||||||
Asset retirement obligation expenses | — | 26.6 | 24.1 | — | 50.7 | |||||||||||||||
Selling and administrative expenses | 39.5 | 125.7 | 18.9 | — | 184.1 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net gain on disposal or exchange of assets | — | (49.8 | ) | (0.1 | ) | — | (49.9 | ) | ||||||||||||
Asset impairment | 21.5 | — | — | — | 21.5 | |||||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (192.1 | ) | 10.4 | 25.2 | 192.1 | 35.6 | ||||||||||||||
Interest expense | 316.2 | 99.2 | 142.8 | (235.1 | ) | 323.1 | ||||||||||||||
Interest income | (68.3 | ) | (138.5 | ) | (39.5 | ) | 235.1 | (11.2 | ) | |||||||||||
Unrealized loss (gain) on derivatives | — | 441.9 | (441.9 | ) | — | — | ||||||||||||||
Income (loss) from continuing operations before income taxes | 52.1 | (50.2 | ) | 105.7 | (192.1 | ) | (84.5 | ) | ||||||||||||
Income tax provision (benefit) | 0.5 | (117.4 | ) | (82.7 | ) | — | (199.6 | ) | ||||||||||||
Income from continuing operations, net of income taxes | 51.6 | 67.2 | 188.4 | (192.1 | ) | 115.1 | ||||||||||||||
Loss from discontinued operations, net of income taxes | (10.8 | ) | (4.3 | ) | (51.4 | ) | — | (66.5 | ) | |||||||||||
Net income (loss) | 40.8 | 62.9 | 137 | (192.1 | ) | 48.6 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7.8 | — | 7.8 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | 40.8 | $ | 62.9 | $ | 129.2 | $ | (192.1 | ) | $ | 40.8 | |||||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net income (loss) | $ | 40.8 | $ | 62.9 | $ | 137 | $ | (192.1 | ) | $ | 48.6 | |||||||||
Other comprehensive (loss) income, net of income taxes | (416.9 | ) | 42.7 | (100.5 | ) | 57.8 | (416.9 | ) | ||||||||||||
Comprehensive (loss) income | (376.1 | ) | 105.6 | 36.5 | (134.3 | ) | (368.3 | ) | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 7.8 | — | 7.8 | |||||||||||||||
Comprehensive (loss) income attributable to common stockholders | $ | (376.1 | ) | $ | 105.6 | $ | 28.7 | $ | (134.3 | ) | $ | (376.1 | ) | |||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 3,539.20 | $ | 2,694.40 | $ | (173.0 | ) | $ | 6,060.60 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (313.2 | ) | 2,539.20 | 2,336.10 | (173.0 | ) | 4,389.10 | |||||||||||||
Depreciation, depletion and amortization | — | 232 | 238.7 | — | 470.7 | |||||||||||||||
Asset retirement obligation expenses | — | 34.7 | 18.6 | — | 53.3 | |||||||||||||||
Selling and administrative expenses | 29.2 | 154.5 | 18.7 | — | 202.4 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net gain on disposal or exchange of assets | — | (6.3 | ) | (1.3 | ) | — | (7.6 | ) | ||||||||||||
Asset impairment | — | 7.7 | — | — | 7.7 | |||||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (407.9 | ) | 5.7 | 44.8 | 407.9 | 50.5 | ||||||||||||||
Interest expense | 312.1 | 12.9 | 350.3 | (367.0 | ) | 308.3 | ||||||||||||||
Interest income | (224.3 | ) | (112.6 | ) | (49.8 | ) | 367 | (19.7 | ) | |||||||||||
Unrealized (gain) loss on derivatives | — | (69.6 | ) | 69.6 | — | — | ||||||||||||||
Income (loss) from continuing operations before income taxes | 604.1 | 741 | (331.3 | ) | (407.9 | ) | 605.9 | |||||||||||||
Income tax provision (benefit) | 182.7 | 155.3 | (252.5 | ) | — | 85.5 | ||||||||||||||
Income (loss) from continuing operations, net of income taxes | 421.4 | 585.7 | (78.8 | ) | (407.9 | ) | 520.4 | |||||||||||||
Loss from discontinued operations, net of income taxes | (1.1 | ) | (78.0 | ) | (13.6 | ) | — | (92.7 | ) | |||||||||||
Net income (loss) | 420.3 | 507.7 | (92.4 | ) | (407.9 | ) | 427.7 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7.4 | — | 7.4 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | 420.3 | $ | 507.7 | $ | (99.8 | ) | $ | (407.9 | ) | $ | 420.3 | ||||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net income (loss) | $ | 420.3 | $ | 507.7 | $ | (92.4 | ) | $ | (407.9 | ) | $ | 427.7 | ||||||||
Other comprehensive income, net of income taxes | 165.6 | 40.9 | 134.2 | (175.1 | ) | 165.6 | ||||||||||||||
Comprehensive income | 585.9 | 548.6 | 41.8 | (583.0 | ) | 593.3 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 7.4 | — | 7.4 | |||||||||||||||
Comprehensive income attributable to common stockholders | $ | 585.9 | $ | 548.6 | $ | 34.4 | $ | (583.0 | ) | $ | 585.9 | |||||||||
Unaudited Supplemental Condensed Consolidating Balance Sheets | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Reclassifications/ | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 353.7 | $ | 0.3 | $ | 197.3 | $ | — | $ | 551.3 | ||||||||||
Accounts receivable, net | 1.8 | 38.2 | 661.7 | — | 701.7 | |||||||||||||||
Receivables from affiliates, net | — | 425.2 | — | (425.2 | ) | — | ||||||||||||||
Inventories | — | 264.7 | 298.5 | — | 563.2 | |||||||||||||||
Assets from coal trading activities, net | — | 36.4 | 6.6 | — | 43 | |||||||||||||||
Deferred income taxes | — | 49.6 | 23 | (3.1 | ) | 69.5 | ||||||||||||||
Other current assets | 6.7 | 60.9 | 291.5 | — | 359.1 | |||||||||||||||
Total current assets | 362.2 | 875.3 | 1,478.60 | (428.3 | ) | 2,287.80 | ||||||||||||||
Property, plant, equipment and mine development, net | — | 5,005.70 | 6,442.60 | — | 11,448.30 | |||||||||||||||
Deferred income taxes | 163.3 | — | — | (163.3 | ) | — | ||||||||||||||
Investments and other assets | 11,789.40 | 7.5 | 1,264.60 | (11,906.7 | ) | 1,154.80 | ||||||||||||||
Notes receivable from affiliates, net | — | 1,621.70 | — | (1,621.7 | ) | — | ||||||||||||||
Total assets | $ | 12,314.90 | $ | 7,510.20 | $ | 9,185.80 | $ | (14,120.0 | ) | $ | 14,890.90 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current maturities of long-term debt | $ | 12 | $ | 0.1 | $ | 22.1 | $ | — | $ | 34.2 | ||||||||||
Payables to affiliates, net | 355.6 | — | 69.6 | (425.2 | ) | — | ||||||||||||||
Deferred income taxes | 3.1 | — | — | (3.1 | ) | — | ||||||||||||||
Liabilities from coal trading activities, net | — | 1.5 | 8.5 | — | 10 | |||||||||||||||
Accounts payable and accrued expenses | 229 | 598.8 | 787.5 | — | 1,615.30 | |||||||||||||||
Total current liabilities | 599.7 | 600.4 | 887.7 | (428.3 | ) | 1,659.50 | ||||||||||||||
Long-term debt, less current maturities | 5,961.10 | 6.5 | 5.7 | — | 5,973.30 | |||||||||||||||
Deferred income taxes | — | 207.7 | 192.6 | (163.3 | ) | 237 | ||||||||||||||
Notes payable to affiliates, net | 1,032.60 | — | 589.1 | (1,621.7 | ) | — | ||||||||||||||
Other noncurrent liabilities | 222.7 | 1,907.90 | 355.6 | — | 2,486.20 | |||||||||||||||
Total liabilities | 7,816.10 | 2,722.50 | 2,030.70 | (2,213.3 | ) | 10,356.00 | ||||||||||||||
Peabody Energy Corporation’s stockholders’ equity | 4,498.80 | 4,787.70 | 7,119.00 | (11,906.7 | ) | 4,498.80 | ||||||||||||||
Noncontrolling interests | — | — | 36.1 | — | 36.1 | |||||||||||||||
Total stockholders’ equity | 4,498.80 | 4,787.70 | 7,155.10 | (11,906.7 | ) | 4,534.90 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,314.90 | $ | 7,510.20 | $ | 9,185.80 | $ | (14,120.0 | ) | $ | 14,890.90 | |||||||||
Supplemental Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Reclassifications/ | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 269.6 | $ | 0.3 | $ | 288.9 | $ | — | $ | 558.8 | ||||||||||
Accounts receivable, net | 3.6 | 5 | 729.2 | — | 737.8 | |||||||||||||||
Receivables from affiliates, net | — | 2,904.40 | — | (2,904.4 | ) | — | ||||||||||||||
Inventories | — | 271.4 | 277 | — | 548.4 | |||||||||||||||
Assets from coal trading activities, net | — | 87.5 | — | (35.1 | ) | 52.4 | ||||||||||||||
Deferred income taxes | — | 57.3 | 2.3 | (3.2 | ) | 56.4 | ||||||||||||||
Other current assets | 275 | — | 354.6 | (7.9 | ) | 621.7 | ||||||||||||||
Total current assets | 548.2 | 3,325.90 | 1,652.00 | (2,950.6 | ) | 2,575.50 | ||||||||||||||
Property, plant, equipment and mine development, net | — | 5,120.80 | 6,680.90 | — | 11,801.70 | |||||||||||||||
Investments and other assets | 9,524.70 | — | 1,037.00 | (9,129.9 | ) | 1,431.80 | ||||||||||||||
Notes receivable from affiliates, net | 3,421.30 | 1,100.40 | — | (4,521.7 | ) | — | ||||||||||||||
Total assets | $ | 13,494.20 | $ | 9,547.10 | $ | 9,369.90 | $ | (16,602.2 | ) | $ | 15,809.00 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | 47.8 | $ | — | $ | 47.8 | ||||||||||
Payables to affiliates, net | 2,309.30 | — | 595.1 | (2,904.4 | ) | — | ||||||||||||||
Deferred income taxes | 3.2 | — | — | (3.2 | ) | — | ||||||||||||||
Liabilities from coal trading activities, net | — | 4 | 50.5 | (35.1 | ) | 19.4 | ||||||||||||||
Accounts payable and accrued expenses | 63.3 | 595 | 956.5 | (7.9 | ) | 1,606.90 | ||||||||||||||
Total current liabilities | 2,375.80 | 599 | 1,649.90 | (2,950.6 | ) | 1,674.10 | ||||||||||||||
Long-term debt, less current maturities | 6,114.50 | 6.6 | 84 | — | 6,205.10 | |||||||||||||||
Deferred income taxes | 43.2 | 142 | 392.1 | — | 577.3 | |||||||||||||||
Notes payable to affiliates, net | — | — | 4,521.70 | (4,521.7 | ) | — | ||||||||||||||
Other noncurrent liabilities | 55.8 | 1,893.90 | 464 | — | 2,413.70 | |||||||||||||||
Total liabilities | 8,589.30 | 2,641.50 | 7,111.70 | (7,472.3 | ) | 10,870.20 | ||||||||||||||
Peabody Energy Corporation’s stockholders’ equity | 4,904.90 | 6,905.60 | 2,224.30 | (9,129.9 | ) | 4,904.90 | ||||||||||||||
Noncontrolling interests | — | — | 33.9 | — | 33.9 | |||||||||||||||
Total stockholders’ equity | 4,904.90 | 6,905.60 | 2,258.20 | (9,129.9 | ) | 4,938.80 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 13,494.20 | $ | 9,547.10 | $ | 9,369.90 | $ | (16,602.2 | ) | $ | 15,809.00 | |||||||||
Unaudited Supplemental Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||
Net cash provided by (used in) continuing operations | $ | 98.1 | $ | 687.4 | $ | (207.9 | ) | $ | 577.6 | |||||||||||
Net cash used in discontinued operations | (14.3 | ) | (0.3 | ) | (19.0 | ) | (33.6 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 83.8 | 687.1 | (226.9 | ) | 544 | |||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||
Additions to property, plant, equipment and mine development | — | (65.1 | ) | (163.6 | ) | (228.7 | ) | |||||||||||||
Changes in accrued expenses related to capital expenditures | — | (2.4 | ) | (100.2 | ) | (102.6 | ) | |||||||||||||
Federal coal lease expenditures | — | (89.5 | ) | — | (89.5 | ) | ||||||||||||||
Proceeds from disposal of assets, net of notes receivable | — | 48.3 | 85 | 133.3 | ||||||||||||||||
Purchases of debt securities | — | — | (9.9 | ) | (9.9 | ) | ||||||||||||||
Proceeds from sales and maturities of debt securities | — | — | 17.7 | 17.7 | ||||||||||||||||
Proceeds from the maturity of short-term investments | — | — | 4.8 | 4.8 | ||||||||||||||||
Contributions to joint ventures | — | — | (539.8 | ) | (539.8 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 576.6 | 576.6 | ||||||||||||||||
Advances to related parties | — | — | (39.5 | ) | (39.5 | ) | ||||||||||||||
Repayments of loans from related parties | — | — | 22.7 | 22.7 | ||||||||||||||||
Other, net | — | (4.1 | ) | (0.1 | ) | (4.2 | ) | |||||||||||||
Net cash used in continuing operations | — | (112.8 | ) | (146.3 | ) | (259.1 | ) | |||||||||||||
Net cash used in discontinued operations | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||
Net cash used in investing activities | — | (112.8 | ) | (147.3 | ) | (260.1 | ) | |||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||
Repayments of long-term debt | (1,331.3 | ) | (0.1 | ) | (52.6 | ) | (1,384.0 | ) | ||||||||||||
Proceeds from long-term debt | 1,188.00 | — | — | 1,188.00 | ||||||||||||||||
Dividends paid | (68.8 | ) | — | — | (68.8 | ) | ||||||||||||||
Payment of debt issuance costs | (22.8 | ) | — | — | (22.8 | ) | ||||||||||||||
Repurchase of employee common stock relinquished for tax withholding | (2.9 | ) | — | — | (2.9 | ) | ||||||||||||||
Other, net | 6.7 | (1.7 | ) | (5.9 | ) | (0.9 | ) | |||||||||||||
Transactions with affiliates, net | 231.4 | (572.5 | ) | 341.1 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 0.3 | (574.3 | ) | 282.6 | (291.4 | ) | ||||||||||||||
Net change in cash and cash equivalents | 84.1 | — | (91.6 | ) | (7.5 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 269.6 | 0.3 | 288.9 | 558.8 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 353.7 | $ | 0.3 | $ | 197.3 | $ | 551.3 | ||||||||||||
Unaudited Supplemental Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||
Net cash provided by (used in) continuing operations | $ | 252.2 | $ | 1,225.00 | $ | (103.5 | ) | $ | 1,373.70 | |||||||||||
Net cash used in by discontinued operations | (1.6 | ) | (8.0 | ) | (72.6 | ) | (82.2 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 250.6 | 1,217.00 | (176.1 | ) | 1,291.50 | |||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||
Additions to property, plant, equipment and mine development | — | (188.3 | ) | (543.8 | ) | (732.1 | ) | |||||||||||||
Federal coal lease expenditures | — | (247.9 | ) | — | (247.9 | ) | ||||||||||||||
Investment in Prairie State Energy Campus | — | (9.4 | ) | — | (9.4 | ) | ||||||||||||||
Proceeds from disposal of assets | — | 59.3 | 34.2 | 93.5 | ||||||||||||||||
Purchases of debt securities | — | — | (23.8 | ) | (23.8 | ) | ||||||||||||||
Proceeds from sales and maturities of debt securities | — | — | 39 | 39 | ||||||||||||||||
Contributions to joint ventures | — | — | (531.2 | ) | (531.2 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 527.7 | 527.7 | ||||||||||||||||
Advances to related parties | — | — | (743.4 | ) | (743.4 | ) | ||||||||||||||
Repayments of loans from related parties | — | — | 720.2 | 720.2 | ||||||||||||||||
Other, net | — | (3.0 | ) | (0.2 | ) | (3.2 | ) | |||||||||||||
Net cash used in continuing operations | — | (389.3 | ) | (521.3 | ) | (910.6 | ) | |||||||||||||
Net cash used in discontinued operations | — | (1.9 | ) | (9.3 | ) | (11.2 | ) | |||||||||||||
Net cash used in investing activities | — | (391.2 | ) | (530.6 | ) | (921.8 | ) | |||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||
Repayments of long-term debt | (285.3 | ) | (0.3 | ) | (20.1 | ) | (305.7 | ) | ||||||||||||
Common stock repurchase | (99.9 | ) | — | — | (99.9 | ) | ||||||||||||||
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | — | — | (49.8 | ) | (49.8 | ) | ||||||||||||||
Dividends paid | (69.1 | ) | — | — | (69.1 | ) | ||||||||||||||
Repurchase of employee common stock relinquished for tax withholding | (8.3 | ) | — | — | (8.3 | ) | ||||||||||||||
Excess tax benefits related to share-based compensation | 3.6 | — | — | 3.6 | ||||||||||||||||
Other, net | 9.4 | — | (1.0 | ) | 8.4 | |||||||||||||||
Transactions with affiliates, net | 153.7 | (826.1 | ) | 672.4 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (295.9 | ) | (826.4 | ) | 601.5 | (520.8 | ) | |||||||||||||
Net change in cash and cash equivalents | (45.3 | ) | (0.6 | ) | (105.2 | ) | (151.1 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 283.2 | 0.8 | 515.1 | 799.1 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 237.9 | $ | 0.2 | $ | 409.9 | $ | 648 | ||||||||||||
Derivatives_and_Fair_Value_Mea1
Derivatives and Fair Value Measurements Fair value transfer timing policy (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Fair value transfer policy [Abstract] | ' |
Fair Value Transfer, Policy [Policy Text Block] | ' |
The Company’s policy is to value transfers between levels using the beginning of period valuation. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||||||
Results of discontinued operations [Table Text Block] | ' | ||||||||||||||||
Results from discontinued operations were as follows during the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Total revenues | $ | 38.6 | $ | 41.5 | $ | 106.3 | $ | 171.5 | |||||||||
Loss from discontinued operations before income taxes | $ | (62.1 | ) | $ | (127.6 | ) | $ | (94.8 | ) | $ | (146.6 | ) | |||||
Income tax benefit | 19 | 46.3 | 28.3 | 53.9 | |||||||||||||
Loss from discontinued operations, net of income taxes | $ | (43.1 | ) | $ | (81.3 | ) | $ | (66.5 | ) | $ | (92.7 | ) | |||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||||||||||||||
The carrying amounts of assets and liabilities classified as discontinued operations included in the Company's condensed consolidated balance sheets were as follows: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Assets: | |||||||||||||||||
Other current assets | $ | 42.1 | $ | 37.5 | |||||||||||||
Investments and other assets | 97.3 | 140.8 | |||||||||||||||
Total assets classified as discontinued operations | $ | 139.4 | $ | 178.3 | |||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable and accrued expenses | $ | 35.3 | $ | 33.3 | |||||||||||||
Other noncurrent liabilities | 40.5 | 27.1 | |||||||||||||||
Total liabilities classified as discontinued operations | $ | 75.8 | $ | 60.4 | |||||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Investments in available-for-sale securities | ' | ||||||||||||||||
Investments in available-for-sale securities at September 30, 2013 were as follows: | |||||||||||||||||
Available-for-sale securities | Amortized Cost | Gross | Gross | Fair Value | |||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Current: | |||||||||||||||||
Federal government securities | $ | 3.8 | $ | — | $ | — | $ | 3.8 | |||||||||
U.S. corporate bonds | 3.8 | — | — | 3.8 | |||||||||||||
Noncurrent: | |||||||||||||||||
Marketable equity securities | 10.9 | 4.6 | — | 15.5 | |||||||||||||
Federal government securities | 23.8 | 0.1 | (0.1 | ) | 23.8 | ||||||||||||
U.S. corporate bonds | 15.7 | 0.1 | — | 15.8 | |||||||||||||
Total | $ | 58 | $ | 4.8 | $ | (0.1 | ) | $ | 62.7 | ||||||||
Investments in available-for-sale securities at December 31, 2012 were as follows: | |||||||||||||||||
Available-for-sale securities | Amortized Cost | Gross | Gross | Fair Value | |||||||||||||
Unrealized | Unrealized | ||||||||||||||||
Gains | Losses | ||||||||||||||||
(Dollars in millions) | |||||||||||||||||
Current: | |||||||||||||||||
U.S. corporate bonds | $ | 4.1 | $ | — | $ | — | $ | 4.1 | |||||||||
Noncurrent: | |||||||||||||||||
Marketable equity securities | 32.4 | — | — | 32.4 | |||||||||||||
Federal government securities | 32 | 0.2 | — | 32.2 | |||||||||||||
U.S. corporate bonds | 19.5 | 0.2 | — | 19.7 | |||||||||||||
Total | $ | 88 | $ | 0.4 | $ | — | $ | 88.4 | |||||||||
Contractual maturities for available for sale investment in debt securities | ' | ||||||||||||||||
Contractual maturities for available-for-sale investments in debt securities at September 30, 2013 were as shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||
Contractual maturities for available-for-sale securities | Cost | Fair Value | |||||||||||||||
(Dollars in millions) | |||||||||||||||||
Due in one year or less | $ | 7.6 | $ | 7.6 | |||||||||||||
Due in one to five years | 39.5 | 39.6 | |||||||||||||||
Total | $ | 47.1 | $ | 47.2 | |||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consisted of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(Dollars in millions) | ||||||||
Materials and supplies | $ | 166.2 | $ | 157.6 | ||||
Raw coal | 126.7 | 164.3 | ||||||
Saleable coal | 270.3 | 226.5 | ||||||
Total | $ | 563.2 | $ | 548.4 | ||||
Derivatives_and_Fair_Value_Mea2
Derivatives and Fair Value Measurements (Tables) (Non Coal Trading [Member]) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Non Coal Trading [Member] | ' | |||||||||||||||||||||||
Derivative [Line Items] | ' | |||||||||||||||||||||||
Company's foreign currency and commodity positions | ' | |||||||||||||||||||||||
Notional Amounts and Fair Value. The following summarizes the Company’s foreign currency and commodity positions at September 30, 2013: | ||||||||||||||||||||||||
Notional Amount by Year of Maturity | ||||||||||||||||||||||||
Total | 2013 | 2014 | 2015 | 2016 | 2017 | |||||||||||||||||||
Foreign Currency | ||||||||||||||||||||||||
A$:US$ hedge contracts (A$ millions) | $ | 5,643.80 | $ | 511.2 | $ | 2,032.50 | $ | 1,631.10 | $ | 982 | $ | 487 | ||||||||||||
Commodity Contracts | ||||||||||||||||||||||||
Diesel fuel hedge contracts (million gallons) | 198.1 | 25.2 | 91.9 | 58.4 | 22.6 | — | ||||||||||||||||||
U.S. explosives hedge contracts (million MMBtu) | 1.7 | 0.5 | 1.2 | — | — | — | ||||||||||||||||||
Account Classification by | ||||||||||||||||||||||||
Cash Flow | Fair Value | Economic | Fair Value of Net Liability | |||||||||||||||||||||
Hedge | Hedge | Hedge | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Foreign Currency | ||||||||||||||||||||||||
A$:US$ hedge contracts (A$ millions) | $ | 5,643.80 | $ | — | $ | — | $ | (272.4 | ) | |||||||||||||||
Commodity Contracts | ||||||||||||||||||||||||
Diesel fuel hedge contracts (million gallons) | 198.1 | — | — | (8.9 | ) | |||||||||||||||||||
U.S. explosives hedge contracts (million MMBtu) | 1.7 | — | — | (2.4 | ) | |||||||||||||||||||
Classification and amounts of pre-tax gains and losses related to the Company's non-trading hedges | ' | |||||||||||||||||||||||
The tables below show the classification and amounts of pre-tax gains and losses related to the Company’s non-coal trading hedges during the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Gain recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Gain reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | 15.8 | $ | 4.3 | $ | 0.2 | |||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | 51.7 | 9.9 | — | |||||||||||||||||||
Total | $ | — | $ | 67.5 | $ | 14.2 | $ | 0.2 | ||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Gain recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Gain reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | 49.6 | $ | 11.2 | $ | 2.2 | |||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | 169.2 | 82 | — | |||||||||||||||||||
Total | $ | — | $ | 218.8 | $ | 93.2 | $ | 2.2 | ||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Loss recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Gain reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | (3.3 | ) | $ | 11.5 | $ | 0.5 | ||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | (402.2 | ) | 157.1 | — | ||||||||||||||||||
Total | $ | — | $ | (405.5 | ) | $ | 168.6 | $ | 0.5 | |||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Financial Instrument | Income Statement | Gain recognized in income on non-designated derivatives | Gain recognized in other comprehensive income on derivatives | Gain reclassified from other comprehensive income into income | Loss reclassified from other comprehensive income into income | |||||||||||||||||||
Classification Gains (Losses) - | (effective portion) | (effective portion) | (ineffective portion) | |||||||||||||||||||||
Realized | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Commodity swap contracts | Operating costs and expenses | $ | — | $ | 28.7 | $ | 39 | $ | (2.3 | ) | ||||||||||||||
Foreign currency forward contracts | Operating costs and expenses | — | 297.5 | 276.6 | — | |||||||||||||||||||
Total | $ | — | $ | 326.2 | $ | 315.6 | $ | (2.3 | ) | |||||||||||||||
Classification and amount of derivatives, gross | ' | |||||||||||||||||||||||
The classification and amount of non-coal trading derivative financial instruments presented on a gross and net basis as of September 30, 2013 and December 31, 2012 are presented in the tables that follow. | ||||||||||||||||||||||||
Fair Value of Assets as of September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 4.2 | $ | (2.7 | ) | $ | 1.5 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 22.5 | (22.5 | ) | — | n.a. | n.a. | ||||||||||||||||||
Total | $ | 26.7 | $ | (25.2 | ) | $ | 1.5 | $ | (1.5 | ) | $ | — | ||||||||||||
Noncurrent Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 0.8 | $ | (0.7 | ) | $ | 0.1 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 9.9 | (9.9 | ) | — | n.a. | n.a. | ||||||||||||||||||
Total | $ | 10.7 | $ | (10.6 | ) | $ | 0.1 | $ | (0.1 | ) | $ | — | ||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
Fair Value of Liabilities as of September 30, 2013 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 9.6 | $ | (2.2 | ) | $ | 7.4 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 125.1 | (21.1 | ) | 104 | n.a. | n.a. | ||||||||||||||||||
Total | $ | 134.7 | $ | (23.3 | ) | $ | 111.4 | $ | (2.7 | ) | $ | 108.7 | ||||||||||||
Noncurrent Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 6.7 | $ | (1.2 | ) | $ | 5.5 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 179.7 | (11.3 | ) | 168.4 | n.a. | n.a. | ||||||||||||||||||
Total | $ | 186.4 | $ | (12.5 | ) | $ | 173.9 | $ | 1.1 | $ | 175 | |||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
Fair Value of Assets as of December 31, 2012 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 18.3 | $ | (3.8 | ) | $ | 14.5 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 260.1 | — | 260.1 | n.a. | n.a. | |||||||||||||||||||
Total | $ | 278.4 | $ | (3.8 | ) | $ | 274.6 | $ | (8.0 | ) | $ | 266.6 | ||||||||||||
Noncurrent Assets: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 2.5 | $ | (1.4 | ) | $ | 1.1 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 27.6 | (0.8 | ) | 26.8 | n.a. | n.a. | ||||||||||||||||||
Total | $ | 30.1 | $ | (2.2 | ) | $ | 27.9 | $ | (3.4 | ) | $ | 24.5 | ||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
Fair Value of Liabilities as of December 31, 2012 | ||||||||||||||||||||||||
Financial Instrument | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Condensed Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Condensed Consolidated Balance Sheet | Derivatives Not Offset in the Condensed Consolidated Balance Sheet(1) | Net Amount | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 8.5 | $ | (2.8 | ) | $ | 5.7 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | — | — | — | n.a. | n.a. | |||||||||||||||||||
Total | $ | 8.5 | $ | (2.8 | ) | $ | 5.7 | $ | (5.7 | ) | $ | — | ||||||||||||
Noncurrent Liabilities: | ||||||||||||||||||||||||
Commodity swap contracts | $ | 8.3 | $ | (2.4 | ) | $ | 5.9 | n.a. | n.a. | |||||||||||||||
Foreign currency forward contracts | 0.8 | (0.8 | ) | — | n.a. | n.a. | ||||||||||||||||||
Total | $ | 9.1 | $ | (3.2 | ) | $ | 5.9 | $ | (5.7 | ) | $ | 0.2 | ||||||||||||
(1) | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. | |||||||||||||||||||||||
See Note 7. "Coal Trading" for information on balance sheet offsetting related to the Company’s coal trading activities. | ||||||||||||||||||||||||
Fair value measured on recurring basis of financial assets and liabilities | ' | |||||||||||||||||||||||
Financial Instruments Measured on a Recurring Basis. The following tables set forth the hierarchy of the Company’s net financial asset (liability) positions for which fair value is measured on a recurring basis: | ||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Investments in debt and equity securities | $ | 51.2 | $ | 11.5 | $ | — | $ | 62.7 | ||||||||||||||||
Commodity swap contracts | — | (11.3 | ) | — | (11.3 | ) | ||||||||||||||||||
Foreign currency forward contracts | — | (272.4 | ) | — | (272.4 | ) | ||||||||||||||||||
Total net financial assets (liabilities) | $ | 51.2 | $ | (272.2 | ) | $ | — | $ | (221.0 | ) | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Investments in debt and equity securities | $ | 75.4 | $ | 13 | $ | — | $ | 88.4 | ||||||||||||||||
Commodity swap contracts | — | 4 | — | 4 | ||||||||||||||||||||
Foreign currency forward contracts | — | 286.9 | — | 286.9 | ||||||||||||||||||||
Total net financial assets | $ | 75.4 | $ | 303.9 | $ | — | $ | 379.3 | ||||||||||||||||
Carrying amounts and estimated fair values of the Company's debt | ' | |||||||||||||||||||||||
The carrying amounts and estimated fair values of the Company’s long-term debt are summarized as follows: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Long-term debt | $ | 6,007.50 | $ | 5,966.20 | $ | 6,252.90 | $ | 6,583.90 | ||||||||||||||||
Coal_Trading_Tables
Coal Trading (Tables) (Coal trading other revenues [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Coal trading other revenues [Member] | ' | ||||||||||||||||
Coal Trading [Line Items] | ' | ||||||||||||||||
Trading revenue by type of instrument | ' | ||||||||||||||||
Trading revenues recognized during the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
Trading Revenues by Type of Instrument | 2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in millions) | |||||||||||||||||
Commodity futures, swaps and options | $ | 59.3 | $ | 60.3 | $ | 145.2 | $ | 110.9 | |||||||||
Physical commodity purchase/sale contracts | (27.2 | ) | (20.0 | ) | (90.6 | ) | 21.9 | ||||||||||
Total trading revenues | $ | 32.1 | $ | 40.3 | $ | 54.6 | $ | 132.8 | |||||||||
Fair value of assets and liabilities from coal trading activities and related balance sheet offsetting | ' | ||||||||||||||||
The fair value of assets and liabilities from coal trading activities presented on a gross and net basis as of September 30, 2013 and December 31, 2012 is set forth below: | |||||||||||||||||
Affected line item in the condensed consolidated balance sheets | Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in the Condensed Consolidated Balance Sheets | Variation margin (held) posted (1) | Net Amounts of Assets (Liabilities) Presented in the Condensed Consolidated Balance Sheets | |||||||||||||
(Dollars in millions) | |||||||||||||||||
Fair Value as of September 30, 2013 | |||||||||||||||||
Assets from coal trading activities, net | $ | 537.4 | $ | (396.6 | ) | $ | (97.8 | ) | $ | 43 | |||||||
Liabilities from coal trading activities, net | (407.4 | ) | 396.6 | 0.8 | (10.0 | ) | |||||||||||
Total, Net | $ | 130 | $ | — | $ | (97.0 | ) | $ | 33 | ||||||||
Fair Value as of December 31, 2012 | |||||||||||||||||
Assets from coal trading activities, net | $ | 380.4 | $ | (170.8 | ) | $ | (157.2 | ) | $ | 52.4 | |||||||
Liabilities from coal trading activities, net | (190.5 | ) | 170.8 | 0.3 | (19.4 | ) | |||||||||||
Total, Net | $ | 189.9 | $ | — | $ | (156.9 | ) | $ | 33 | ||||||||
(1) | Approximately $61 million and $76 million of the net variation margin held at September 30, 2013 and December 31, 2012, respectively, related to cash flow hedges. | ||||||||||||||||
Fair value coal trading net assets (liabilities) measured on recurring basis | ' | ||||||||||||||||
The following tables set forth the hierarchy of the Company’s net financial asset (liability) coal trading positions for which fair value is measured on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commodity futures, swaps and options | $ | — | $ | 34.2 | $ | — | $ | 34.2 | |||||||||
Physical commodity purchase/sale contracts | — | (1.6 | ) | 0.4 | (1.2 | ) | |||||||||||
Total net financial assets | $ | — | $ | 32.6 | $ | 0.4 | $ | 33 | |||||||||
December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Commodity futures, swaps and options | $ | 1.2 | $ | 24.4 | $ | — | $ | 25.6 | |||||||||
Physical commodity purchase/sale contracts | — | 2.2 | 5.2 | 7.4 | |||||||||||||
Total net financial assets | $ | 1.2 | $ | 26.6 | $ | 5.2 | $ | 33 | |||||||||
Schedule of Quantitative Unobservable Inputs, Physical Commodity Purchase/Sale Contracts | ' | ||||||||||||||||
The following table summarizes the quantitative unobservable inputs utilized in the Company's internally-developed valuation models for physical commodity purchase/sale contracts classified as Level 3 as of September 30, 2013: | |||||||||||||||||
Range | Weighted | ||||||||||||||||
Input | Low | High | Average | ||||||||||||||
Quality adjustments | 8 | % | 21 | % | 13 | % | |||||||||||
Non-performance adjustments | 4 | % | 4 | % | 4 | % | |||||||||||
Change in the Company's recurring Level 3 net financial assets | ' | ||||||||||||||||
The following table summarizes the changes in the Company’s recurring Level 3 net financial assets: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Beginning of period | $ | 1.3 | $ | 2.9 | $ | 5.2 | $ | 8.7 | |||||||||
Total net (losses) gains realized/unrealized: | |||||||||||||||||
Included in earnings | (2.7 | ) | 2.4 | (7.1 | ) | 12.8 | |||||||||||
Settlements | 1.8 | (4.4 | ) | 2.3 | (20.6 | ) | |||||||||||
End of period | $ | 0.4 | $ | 0.9 | $ | 0.4 | $ | 0.9 | |||||||||
Changes in unrealized gains (losses) relating to Level 3 net financial assets | ' | ||||||||||||||||
The following table summarizes the changes in net unrealized (losses) gains relating to Level 3 net financial assets held both as of the beginning and the end of the period: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Changes in net unrealized (losses) gains (1) | $ | (3.0 | ) | $ | 0.2 | $ | (2.9 | ) | $ | (3.5 | ) | ||||||
(1) | Within the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income for the periods presented, unrealized gains and losses from Level 3 items are combined with unrealized gains and losses on positions classified in Level 1 or 2, as well as other positions that have been realized during the applicable periods. | ||||||||||||||||
Schedule of future realization of the Company's trading portfolio | ' | ||||||||||||||||
As of September 30, 2013, the timing of the estimated future realization of the value of the Company’s trading portfolio was as follows: | |||||||||||||||||
Percentage of | |||||||||||||||||
Year of Expiration | Portfolio Total | ||||||||||||||||
2013 | 21 | % | |||||||||||||||
2014 | 64 | % | |||||||||||||||
2015 | 12 | % | |||||||||||||||
2016 | 3 | % | |||||||||||||||
100 | % |
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
The Company’s total indebtedness as of September 30, 2013 and December 31, 2012 consisted of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(Dollars in millions) | ||||||||
Term Loan due June 2015 | $ | — | $ | 418.8 | ||||
2011 Term Loan Facility due October 2016 | — | 912.5 | ||||||
2013 Term Loan Facility due September 2020 | 1,188.00 | — | ||||||
7.375% Senior Notes due November 2016 | 650 | 650 | ||||||
6.00% Senior Notes due November 2018 | 1,518.80 | 1,518.80 | ||||||
6.50% Senior Notes due September 2020 | 650 | 650 | ||||||
6.25% Senior Notes due November 2021 | 1,339.60 | 1,339.60 | ||||||
7.875% Senior Notes due November 2026 | 247.5 | 247.4 | ||||||
Convertible Junior Subordinated Debentures due December 2066 | 379.1 | 377.4 | ||||||
Capital lease obligations | 33.5 | 104.6 | ||||||
Other | 1 | 33.8 | ||||||
Total Debt | $ | 6,007.50 | $ | 6,252.90 | ||||
Financing_Receivables_Tables
Financing Receivables (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Financing Receivables [Abstract] | ' | ||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | ||||||||
The Company had total financing receivables of $402.7 million and $391.7 million at September 30, 2013 and December 31, 2012, respectively, which consisted of the following: | |||||||||
Balance Sheet Classification | September 30, 2013 | December 31, 2012 | |||||||
(Dollars in millions) | |||||||||
Accounts receivable, net | $ | 37.2 | $ | 0.7 | |||||
Investments and other assets | 365.5 | 391 | |||||||
Total financing receivables | $ | 402.7 | $ | 391.7 | |||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefit Costs (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Net periodic pension costs included the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost for benefits earned | $ | 0.6 | $ | 0.5 | $ | 1.7 | $ | 1.5 | |||||||||
Interest cost on projected benefit obligation | 10.6 | 11.7 | 31.7 | 35.1 | |||||||||||||
Expected return on plan assets | (14.9 | ) | (15.9 | ) | (44.6 | ) | (47.8 | ) | |||||||||
Amortization of actuarial loss and prior service cost | 16.6 | 12.4 | 49.9 | 37.2 | |||||||||||||
Net periodic pension costs | $ | 12.9 | $ | 8.7 | $ | 38.7 | $ | 26 | |||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||||||
Net periodic postretirement benefit costs included the following components: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Service cost for benefits earned | $ | 4 | $ | 3.6 | $ | 11.8 | $ | 10.9 | |||||||||
Interest cost on accumulated postretirement benefit obligation | 10.5 | 13.7 | 31.4 | 41.2 | |||||||||||||
Amortization of actuarial loss and prior service cost | 5.6 | 8.8 | 16.8 | 26.2 | |||||||||||||
Special termination benefits | (0.6 | ) | — | 0.9 | — | ||||||||||||
Net periodic postretirement benefit costs | $ | 19.5 | $ | 26.1 | $ | 60.9 | $ | 78.3 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||
The following table sets forth the after-tax components of accumulated other comprehensive (loss) income and changes thereto recorded during the nine months ended September 30, 2013: | ||||||||||||||||||||||||
Foreign | Net | Prior Service | Cash Flow | Available-For-Sale Securities | Total | |||||||||||||||||||
Currency | Actuarial Loss | Cost Associated | Hedges | Accumulated | ||||||||||||||||||||
Translation | Associated with | with | Other | |||||||||||||||||||||
Adjustment | Postretirement | Postretirement | Comprehensive | |||||||||||||||||||||
Plans and | Plans | (Loss) Income | ||||||||||||||||||||||
Workers’ | ||||||||||||||||||||||||
Compensation | ||||||||||||||||||||||||
Obligations | ||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
31-Dec-12 | $ | 22.2 | $ | (411.7 | ) | $ | 12.7 | $ | 387.5 | $ | 0.3 | $ | 11 | |||||||||||
Net change in fair value | — | — | — | (217.7 | ) | (10.7 | ) | (228.4 | ) | |||||||||||||||
Reclassification from other comprehensive income to earnings | — | 42.9 | (0.3 | ) | (175.5 | ) | 13.3 | (119.6 | ) | |||||||||||||||
Current period change | (68.9 | ) | — | — | — | — | (68.9 | ) | ||||||||||||||||
30-Sep-13 | $ | (46.7 | ) | $ | (368.8 | ) | $ | 12.4 | $ | (5.7 | ) | $ | 2.9 | $ | (405.9 | ) | ||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||
The following table provides additional information regarding items reclassified out of "Accumulated other comprehensive (loss) income" into earnings during the three and nine months ended September 30, 2013: | ||||||||||||||||||||||||
Amount reclassifed from accumulated other comprehensive (loss) income (1) | ||||||||||||||||||||||||
Details about accumulated other comprehensive income (loss) components | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | Affected line item in the condensed consolidated statement of operations | |||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Net actuarial loss associated with postretirement plans and workers compensation obligations: | ||||||||||||||||||||||||
Postretirement health care and life insurance benefits | $ | (6.0 | ) | $ | (18.0 | ) | Operating costs and expenses | |||||||||||||||||
Defined benefit pension plans | (13.6 | ) | (40.8 | ) | Operating costs and expenses | |||||||||||||||||||
Defined benefit pension plans | (2.8 | ) | (8.4 | ) | Selling and administrative expenses | |||||||||||||||||||
Insignificant items | (0.3 | ) | (0.9 | ) | ||||||||||||||||||||
(22.7 | ) | (68.1 | ) | Total before income taxes | ||||||||||||||||||||
8.4 | 25.2 | Income tax benefit | ||||||||||||||||||||||
$ | (14.3 | ) | $ | (42.9 | ) | Total after income taxes | ||||||||||||||||||
Prior service cost associated with postretirement plans: | ||||||||||||||||||||||||
Postretirement health care and life insurance benefits | $ | 0.4 | $ | 1.2 | Operating costs and expenses | |||||||||||||||||||
Defined benefit pension plans | (0.2 | ) | (0.7 | ) | Operating costs and expenses | |||||||||||||||||||
0.2 | 0.5 | Total before income taxes | ||||||||||||||||||||||
(0.1 | ) | (0.2 | ) | Income tax provision | ||||||||||||||||||||
$ | 0.1 | $ | 0.3 | Total after income taxes | ||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Foreign currency cash flow hedge contracts | $ | 9.9 | $ | 157.1 | Operating costs and expenses | |||||||||||||||||||
Fuel and explosives commodity swaps | 4.5 | 12 | Operating costs and expenses | |||||||||||||||||||||
Coal trading commodity futures, swaps and options | 37.8 | 88.8 | Other revenues | |||||||||||||||||||||
Insignificant items | (0.2 | ) | (0.5 | ) | ||||||||||||||||||||
52 | 257.4 | Total before income taxes | ||||||||||||||||||||||
(17.2 | ) | (81.9 | ) | Income tax provision | ||||||||||||||||||||
$ | 34.8 | $ | 175.5 | Total after income taxes | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Debt securities | $ | — | $ | 0.1 | Interest income | |||||||||||||||||||
Equity securities | — | (21.5 | ) | Asset impairment | ||||||||||||||||||||
— | (21.4 | ) | Total before income taxes | |||||||||||||||||||||
— | 8.1 | Income tax benefit | ||||||||||||||||||||||
$ | — | $ | (13.3 | ) | Total after income taxes | |||||||||||||||||||
(1) | Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Earnings_per_Share_EPS_Tables
Earnings per Share (EPS) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings allocation method utilized in the calculation of basic and diluted EPS | ' | ||||||||||||||||
The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
EPS numerator: | |||||||||||||||||
Income from continuing operations, net of income taxes | $ | 24 | $ | 122.9 | $ | 115.1 | $ | 520.4 | |||||||||
Less: Net income (loss) attributable to noncontrolling interests | 7 | (1.3 | ) | 7.8 | 7.4 | ||||||||||||
Income from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | 17 | 124.2 | 107.3 | 513 | |||||||||||||
Less: Earnings from continuing operations allocated to participating securities | 0.2 | 0.8 | 0.6 | 3.8 | |||||||||||||
Income from continuing operations attributable to common stockholders, after allocation of earnings to participating securities (1) | 16.8 | 123.4 | 106.7 | 509.2 | |||||||||||||
Loss from discontinued operations, net of income taxes | (43.1 | ) | (81.3 | ) | (66.5 | ) | (92.7 | ) | |||||||||
Less: Loss from discontinued operations allocated to participating securities (1) | — | (0.6 | ) | — | (0.8 | ) | |||||||||||
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | (43.1 | ) | (80.7 | ) | (66.5 | ) | (91.9 | ) | |||||||||
Net (loss) income attributable to common stockholders, after | $ | (26.3 | ) | $ | 42.7 | $ | 40.2 | $ | 417.3 | ||||||||
allocation of earnings to participating securities (1) | |||||||||||||||||
EPS denominator: | |||||||||||||||||
Weighted average shares outstanding — basic | 267.2 | 266.2 | 267 | 268.5 | |||||||||||||
Impact of dilutive securities | 0.5 | 0.6 | 0.5 | 0.7 | |||||||||||||
Weighted average shares outstanding — diluted | 267.7 | 266.8 | 267.5 | 269.2 | |||||||||||||
Basic EPS attributable to common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.46 | $ | 0.4 | $ | 1.89 | |||||||||
Loss from discontinued operations | (0.16 | ) | (0.30 | ) | (0.25 | ) | (0.34 | ) | |||||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | $ | 0.15 | $ | 1.55 | ||||||||
Diluted EPS attributable to common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.46 | $ | 0.4 | $ | 1.89 | |||||||||
Loss from discontinued operations | (0.16 | ) | (0.30 | ) | (0.25 | ) | (0.34 | ) | |||||||||
Net (loss) income | $ | (0.10 | ) | $ | 0.16 | $ | 0.15 | $ | 1.55 | ||||||||
(1) | The reallocation adjustment for participating securities to arrive at the numerator used to calculate diluted EPS was less than $0.1 million for the periods presented. |
Financial_Instruments_and_Guar1
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Financial Instruments And Guarantees With Off Balance Sheet Risk Disclosure [Abstract] | ' | |||||||||||||||||||
Financial instruments with off-balance sheet risk: | ' | |||||||||||||||||||
As of September 30, 2013, the Company had the following financial instruments with off-balance sheet risk: | ||||||||||||||||||||
Reclamation | Lease | Workers’ | Other(1) | Total | ||||||||||||||||
Obligations | Obligations | Compensation | ||||||||||||||||||
Obligations | ||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Self bonding | $ | 1,242.50 | $ | — | $ | — | $ | — | $ | 1,242.50 | ||||||||||
Surety bonds | 369.9 | 109.7 | 34.2 | 8.7 | 522.5 | |||||||||||||||
Bank guarantees | 273.8 | — | — | 144.6 | 418.4 | |||||||||||||||
Letters of credit | — | — | 32.3 | 84.7 | 117 | |||||||||||||||
$ | 1,886.20 | $ | 109.7 | $ | 66.5 | $ | 238 | $ | 2,300.40 | |||||||||||
(1) | Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and TXU Europe Limited described below and an additional $158.3 million in bank guarantees, surety bonds and letters of credit related to collateral for surety companies, road maintenance, performance guarantees and other operations. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Operating segment results | ' | ||||||||||||||||
Reportable segment results were as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Revenues: | |||||||||||||||||
Australian Mining | $ | 705.3 | $ | 866 | $ | 2,188.10 | $ | 2,605.00 | |||||||||
Western U.S. Mining | 705.4 | 783.5 | 1,986.40 | 2,213.50 | |||||||||||||
Midwestern U.S. Mining | 346.6 | 355.7 | 1,013.30 | 1,050.30 | |||||||||||||
Trading and Brokerage | 32.1 | 45.6 | 54.6 | 173.7 | |||||||||||||
Corporate and Other | 8.2 | 8 | 28.5 | 18.1 | |||||||||||||
Total | $ | 1,797.60 | $ | 2,058.80 | $ | 5,270.90 | $ | 6,060.60 | |||||||||
Adjusted EBITDA: | |||||||||||||||||
Australian Mining | $ | 74.8 | $ | 221.4 | $ | 287.7 | $ | 757.4 | |||||||||
Western U.S. Mining | 193.5 | 243.9 | 508.9 | 616.3 | |||||||||||||
Midwestern U.S. Mining | 112.4 | 103.5 | 331.5 | 317.4 | |||||||||||||
Trading and Brokerage | 17.2 | 35.7 | (7.8 | ) | 109.2 | ||||||||||||
Corporate and Other | (85.9 | ) | (136.9 | ) | (273.9 | ) | (371.1 | ) | |||||||||
Total | $ | 312 | $ | 467.6 | $ | 846.4 | $ | 1,429.20 | |||||||||
Reconciliation of Adjusted EBITDA to consolidated (loss) income from continuing operations, net of income taxes | ' | ||||||||||||||||
A reconciliation of Adjusted EBITDA to consolidated income from continuing operations, net of income taxes follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(Dollars in millions) | |||||||||||||||||
Total Adjusted EBITDA | $ | 312 | $ | 467.6 | $ | 846.4 | $ | 1,429.20 | |||||||||
Depreciation, depletion and amortization | 186.4 | 172.5 | 542.8 | 470.7 | |||||||||||||
Asset impairment | — | 7.7 | 21.5 | 7.7 | |||||||||||||
Amortization of basis difference related to equity affiliates | — | (0.2 | ) | 4 | 3 | ||||||||||||
Asset retirement obligation expenses | 13.4 | 21.1 | 50.7 | 53.3 | |||||||||||||
Interest expense | 111 | 99.4 | 323.1 | 308.3 | |||||||||||||
Interest income | (4.2 | ) | (5.1 | ) | (11.2 | ) | (19.7 | ) | |||||||||
Income tax (benefit) provision | (18.6 | ) | 49.3 | (199.6 | ) | 85.5 | |||||||||||
Income from continuing operations, net of income taxes | $ | 24 | $ | 122.9 | $ | 115.1 | $ | 520.4 | |||||||||
Supplemental_GuarantorNonGuara1
Supplemental Guarantor/Non-Guarantor Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Supplemental Consolidated Statements Of Operations [Table Text Block] | ' | |||||||||||||||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 2,992.90 | $ | 2,438.80 | $ | (160.8 | ) | $ | 5,270.90 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (168.9 | ) | 2,279.50 | 2,308.90 | (160.8 | ) | 4,258.70 | |||||||||||||
Depreciation, depletion and amortization | — | 248.1 | 294.7 | — | 542.8 | |||||||||||||||
Asset retirement obligation expenses | — | 26.6 | 24.1 | — | 50.7 | |||||||||||||||
Selling and administrative expenses | 39.5 | 125.7 | 18.9 | — | 184.1 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net gain on disposal or exchange of assets | — | (49.8 | ) | (0.1 | ) | — | (49.9 | ) | ||||||||||||
Asset impairment | 21.5 | — | — | — | 21.5 | |||||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (192.1 | ) | 10.4 | 25.2 | 192.1 | 35.6 | ||||||||||||||
Interest expense | 316.2 | 99.2 | 142.8 | (235.1 | ) | 323.1 | ||||||||||||||
Interest income | (68.3 | ) | (138.5 | ) | (39.5 | ) | 235.1 | (11.2 | ) | |||||||||||
Unrealized loss (gain) on derivatives | — | 441.9 | (441.9 | ) | — | — | ||||||||||||||
Income (loss) from continuing operations before income taxes | 52.1 | (50.2 | ) | 105.7 | (192.1 | ) | (84.5 | ) | ||||||||||||
Income tax provision (benefit) | 0.5 | (117.4 | ) | (82.7 | ) | — | (199.6 | ) | ||||||||||||
Income from continuing operations, net of income taxes | 51.6 | 67.2 | 188.4 | (192.1 | ) | 115.1 | ||||||||||||||
Loss from discontinued operations, net of income taxes | (10.8 | ) | (4.3 | ) | (51.4 | ) | — | (66.5 | ) | |||||||||||
Net income (loss) | 40.8 | 62.9 | 137 | (192.1 | ) | 48.6 | ||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7.8 | — | 7.8 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | 40.8 | $ | 62.9 | $ | 129.2 | $ | (192.1 | ) | $ | 40.8 | |||||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 3,539.20 | $ | 2,694.40 | $ | (173.0 | ) | $ | 6,060.60 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (313.2 | ) | 2,539.20 | 2,336.10 | (173.0 | ) | 4,389.10 | |||||||||||||
Depreciation, depletion and amortization | — | 232 | 238.7 | — | 470.7 | |||||||||||||||
Asset retirement obligation expenses | — | 34.7 | 18.6 | — | 53.3 | |||||||||||||||
Selling and administrative expenses | 29.2 | 154.5 | 18.7 | — | 202.4 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net gain on disposal or exchange of assets | — | (6.3 | ) | (1.3 | ) | — | (7.6 | ) | ||||||||||||
Asset impairment | — | 7.7 | — | — | 7.7 | |||||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (407.9 | ) | 5.7 | 44.8 | 407.9 | 50.5 | ||||||||||||||
Interest expense | 312.1 | 12.9 | 350.3 | (367.0 | ) | 308.3 | ||||||||||||||
Interest income | (224.3 | ) | (112.6 | ) | (49.8 | ) | 367 | (19.7 | ) | |||||||||||
Unrealized (gain) loss on derivatives | — | (69.6 | ) | 69.6 | — | — | ||||||||||||||
Income (loss) from continuing operations before income taxes | 604.1 | 741 | (331.3 | ) | (407.9 | ) | 605.9 | |||||||||||||
Income tax provision (benefit) | 182.7 | 155.3 | (252.5 | ) | — | 85.5 | ||||||||||||||
Income (loss) from continuing operations, net of income taxes | 421.4 | 585.7 | (78.8 | ) | (407.9 | ) | 520.4 | |||||||||||||
Loss from discontinued operations, net of income taxes | (1.1 | ) | (78.0 | ) | (13.6 | ) | — | (92.7 | ) | |||||||||||
Net income (loss) | 420.3 | 507.7 | (92.4 | ) | (407.9 | ) | 427.7 | |||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7.4 | — | 7.4 | |||||||||||||||
Net income (loss) attributable to common stockholders | $ | 420.3 | $ | 507.7 | $ | (99.8 | ) | $ | (407.9 | ) | $ | 420.3 | ||||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 1,336.90 | $ | 778.3 | $ | (56.4 | ) | $ | 2,058.80 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (95.6 | ) | 875.1 | 778.2 | (56.4 | ) | 1,501.30 | |||||||||||||
Depreciation, depletion and amortization | — | 84.8 | 87.7 | — | 172.5 | |||||||||||||||
Asset retirement obligation expenses | — | 11.8 | 9.3 | — | 21.1 | |||||||||||||||
Selling and administrative expenses | 8.3 | 54.5 | 5.9 | — | 68.7 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net (gain) loss on disposal or exchange of assets | — | (1.4 | ) | 1.2 | — | (0.2 | ) | |||||||||||||
Asset impairment | — | 7.7 | — | — | 7.7 | |||||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (117.0 | ) | 1.9 | 19.3 | 117 | 21.2 | ||||||||||||||
Interest expense | 101.8 | 5.8 | 124.4 | (132.6 | ) | 99.4 | ||||||||||||||
Interest income | (72.9 | ) | (46.8 | ) | (18.0 | ) | 132.6 | (5.1 | ) | |||||||||||
Unrealized (gain) loss on derivatives | — | (112.3 | ) | 112.3 | — | — | ||||||||||||||
Income (loss) from continuing operations before income taxes | 175.4 | 455.8 | (342.0 | ) | (117.0 | ) | 172.2 | |||||||||||||
Income tax provision (benefit) | 131.8 | 101.7 | (184.2 | ) | — | 49.3 | ||||||||||||||
Income (loss) from continuing operations, net of income taxes | 43.6 | 354.1 | (157.8 | ) | (117.0 | ) | 122.9 | |||||||||||||
Loss from discontinued operations, net of income taxes | (0.7 | ) | (75.9 | ) | (4.7 | ) | — | (81.3 | ) | |||||||||||
Net income (loss) | 42.9 | 278.2 | (162.5 | ) | (117.0 | ) | 41.6 | |||||||||||||
Less: Net loss attributable to noncontrolling interests | — | — | (1.3 | ) | — | (1.3 | ) | |||||||||||||
Net income (loss) attributable to common stockholders | $ | 42.9 | $ | 278.2 | $ | (161.2 | ) | $ | (117.0 | ) | $ | 42.9 | ||||||||
Unaudited Supplemental Condensed Consolidating Statements of Operations | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Total revenues | $ | — | $ | 1,005.80 | $ | 823.8 | $ | (32.0 | ) | $ | 1,797.60 | |||||||||
Costs and expenses | ||||||||||||||||||||
Operating costs and expenses (exclusive of items shown separately below) | (14.4 | ) | 755.6 | 722.9 | (32.0 | ) | 1,432.10 | |||||||||||||
Depreciation, depletion and amortization | — | 83 | 103.4 | — | 186.4 | |||||||||||||||
Asset retirement obligation expenses | — | 4.8 | 8.6 | — | 13.4 | |||||||||||||||
Selling and administrative expenses | 11.2 | 38.5 | 5.3 | — | 55 | |||||||||||||||
Other operating (income) loss: | ||||||||||||||||||||
Net gain on disposal or exchange of assets | — | (4.0 | ) | (0.1 | ) | — | (4.1 | ) | ||||||||||||
(Income) loss from equity affiliates and investment in subsidiaries | (98.0 | ) | 2 | 0.6 | 98 | 2.6 | ||||||||||||||
Interest expense | 113 | 88.2 | 22.6 | (112.8 | ) | 111 | ||||||||||||||
Interest income | (0.1 | ) | (98.8 | ) | (18.1 | ) | 112.8 | (4.2 | ) | |||||||||||
Unrealized (gain) loss on derivatives | — | (19.7 | ) | 19.7 | — | — | ||||||||||||||
(Loss) income from continuing operations before income taxes | (11.7 | ) | 156.2 | (41.1 | ) | (98.0 | ) | 5.4 | ||||||||||||
Income tax provision (benefit) | 10 | (32.2 | ) | 3.6 | — | (18.6 | ) | |||||||||||||
(Loss) income from continuing operations, net of income taxes | (21.7 | ) | 188.4 | (44.7 | ) | (98.0 | ) | 24 | ||||||||||||
Loss from discontinued operations, net of income taxes | (4.4 | ) | (1.8 | ) | (36.9 | ) | — | (43.1 | ) | |||||||||||
Net (loss) income | (26.1 | ) | 186.6 | (81.6 | ) | (98.0 | ) | (19.1 | ) | |||||||||||
Less: Net income attributable to noncontrolling interests | — | — | 7 | — | 7 | |||||||||||||||
Net (loss) income attributable to common stockholders | $ | (26.1 | ) | $ | 186.6 | $ | (88.6 | ) | $ | (98.0 | ) | $ | (26.1 | ) | ||||||
Supplemental Consolidated Statments of Comprehensive Income [Table Text Block] | ' | |||||||||||||||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net (loss) income | $ | (26.1 | ) | $ | 186.6 | $ | (81.6 | ) | $ | (98.0 | ) | $ | (19.1 | ) | ||||||
Other comprehensive income (loss), net of income taxes | 14.1 | 14.2 | (36.4 | ) | 22.2 | 14.1 | ||||||||||||||
Comprehensive (loss) income | (12.0 | ) | 200.8 | (118.0 | ) | (75.8 | ) | (5.0 | ) | |||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 7 | — | 7 | |||||||||||||||
Comprehensive (loss) income attributable to common stockholders | $ | (12.0 | ) | $ | 200.8 | $ | (125.0 | ) | $ | (75.8 | ) | $ | (12.0 | ) | ||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net income (loss) | $ | 42.9 | $ | 278.2 | $ | (162.5 | ) | $ | (117.0 | ) | $ | 41.6 | ||||||||
Other comprehensive income (loss), net of income taxes | 76.4 | 13.5 | (14.6 | ) | 1.1 | 76.4 | ||||||||||||||
Comprehensive income (loss) | 119.3 | 291.7 | (177.1 | ) | (115.9 | ) | 118 | |||||||||||||
Less: Comprehensive loss attributable to noncontrolling interests | — | — | (1.3 | ) | — | (1.3 | ) | |||||||||||||
Comprehensive income (loss) attributable to common stockholders | $ | 119.3 | $ | 291.7 | $ | (175.8 | ) | $ | (115.9 | ) | $ | 119.3 | ||||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net income (loss) | $ | 420.3 | $ | 507.7 | $ | (92.4 | ) | $ | (407.9 | ) | $ | 427.7 | ||||||||
Other comprehensive income, net of income taxes | 165.6 | 40.9 | 134.2 | (175.1 | ) | 165.6 | ||||||||||||||
Comprehensive income | 585.9 | 548.6 | 41.8 | (583.0 | ) | 593.3 | ||||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 7.4 | — | 7.4 | |||||||||||||||
Comprehensive income attributable to common stockholders | $ | 585.9 | $ | 548.6 | $ | 34.4 | $ | (583.0 | ) | $ | 585.9 | |||||||||
Unaudited Supplemental Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Net income (loss) | $ | 40.8 | $ | 62.9 | $ | 137 | $ | (192.1 | ) | $ | 48.6 | |||||||||
Other comprehensive (loss) income, net of income taxes | (416.9 | ) | 42.7 | (100.5 | ) | 57.8 | (416.9 | ) | ||||||||||||
Comprehensive (loss) income | (376.1 | ) | 105.6 | 36.5 | (134.3 | ) | (368.3 | ) | ||||||||||||
Less: Comprehensive income attributable to noncontrolling interests | — | — | 7.8 | — | 7.8 | |||||||||||||||
Comprehensive (loss) income attributable to common stockholders | $ | (376.1 | ) | $ | 105.6 | $ | 28.7 | $ | (134.3 | ) | $ | (376.1 | ) | |||||||
Supplemental Consolidated Balance Sheets [Table Text Block] | ' | |||||||||||||||||||
Unaudited Supplemental Condensed Consolidating Balance Sheets | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Reclassifications/ | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 353.7 | $ | 0.3 | $ | 197.3 | $ | — | $ | 551.3 | ||||||||||
Accounts receivable, net | 1.8 | 38.2 | 661.7 | — | 701.7 | |||||||||||||||
Receivables from affiliates, net | — | 425.2 | — | (425.2 | ) | — | ||||||||||||||
Inventories | — | 264.7 | 298.5 | — | 563.2 | |||||||||||||||
Assets from coal trading activities, net | — | 36.4 | 6.6 | — | 43 | |||||||||||||||
Deferred income taxes | — | 49.6 | 23 | (3.1 | ) | 69.5 | ||||||||||||||
Other current assets | 6.7 | 60.9 | 291.5 | — | 359.1 | |||||||||||||||
Total current assets | 362.2 | 875.3 | 1,478.60 | (428.3 | ) | 2,287.80 | ||||||||||||||
Property, plant, equipment and mine development, net | — | 5,005.70 | 6,442.60 | — | 11,448.30 | |||||||||||||||
Deferred income taxes | 163.3 | — | — | (163.3 | ) | — | ||||||||||||||
Investments and other assets | 11,789.40 | 7.5 | 1,264.60 | (11,906.7 | ) | 1,154.80 | ||||||||||||||
Notes receivable from affiliates, net | — | 1,621.70 | — | (1,621.7 | ) | — | ||||||||||||||
Total assets | $ | 12,314.90 | $ | 7,510.20 | $ | 9,185.80 | $ | (14,120.0 | ) | $ | 14,890.90 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current maturities of long-term debt | $ | 12 | $ | 0.1 | $ | 22.1 | $ | — | $ | 34.2 | ||||||||||
Payables to affiliates, net | 355.6 | — | 69.6 | (425.2 | ) | — | ||||||||||||||
Deferred income taxes | 3.1 | — | — | (3.1 | ) | — | ||||||||||||||
Liabilities from coal trading activities, net | — | 1.5 | 8.5 | — | 10 | |||||||||||||||
Accounts payable and accrued expenses | 229 | 598.8 | 787.5 | — | 1,615.30 | |||||||||||||||
Total current liabilities | 599.7 | 600.4 | 887.7 | (428.3 | ) | 1,659.50 | ||||||||||||||
Long-term debt, less current maturities | 5,961.10 | 6.5 | 5.7 | — | 5,973.30 | |||||||||||||||
Deferred income taxes | — | 207.7 | 192.6 | (163.3 | ) | 237 | ||||||||||||||
Notes payable to affiliates, net | 1,032.60 | — | 589.1 | (1,621.7 | ) | — | ||||||||||||||
Other noncurrent liabilities | 222.7 | 1,907.90 | 355.6 | — | 2,486.20 | |||||||||||||||
Total liabilities | 7,816.10 | 2,722.50 | 2,030.70 | (2,213.3 | ) | 10,356.00 | ||||||||||||||
Peabody Energy Corporation’s stockholders’ equity | 4,498.80 | 4,787.70 | 7,119.00 | (11,906.7 | ) | 4,498.80 | ||||||||||||||
Noncontrolling interests | — | — | 36.1 | — | 36.1 | |||||||||||||||
Total stockholders’ equity | 4,498.80 | 4,787.70 | 7,155.10 | (11,906.7 | ) | 4,534.90 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,314.90 | $ | 7,510.20 | $ | 9,185.80 | $ | (14,120.0 | ) | $ | 14,890.90 | |||||||||
Supplemental Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Reclassifications/ | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 269.6 | $ | 0.3 | $ | 288.9 | $ | — | $ | 558.8 | ||||||||||
Accounts receivable, net | 3.6 | 5 | 729.2 | — | 737.8 | |||||||||||||||
Receivables from affiliates, net | — | 2,904.40 | — | (2,904.4 | ) | — | ||||||||||||||
Inventories | — | 271.4 | 277 | — | 548.4 | |||||||||||||||
Assets from coal trading activities, net | — | 87.5 | — | (35.1 | ) | 52.4 | ||||||||||||||
Deferred income taxes | — | 57.3 | 2.3 | (3.2 | ) | 56.4 | ||||||||||||||
Other current assets | 275 | — | 354.6 | (7.9 | ) | 621.7 | ||||||||||||||
Total current assets | 548.2 | 3,325.90 | 1,652.00 | (2,950.6 | ) | 2,575.50 | ||||||||||||||
Property, plant, equipment and mine development, net | — | 5,120.80 | 6,680.90 | — | 11,801.70 | |||||||||||||||
Investments and other assets | 9,524.70 | — | 1,037.00 | (9,129.9 | ) | 1,431.80 | ||||||||||||||
Notes receivable from affiliates, net | 3,421.30 | 1,100.40 | — | (4,521.7 | ) | — | ||||||||||||||
Total assets | $ | 13,494.20 | $ | 9,547.10 | $ | 9,369.90 | $ | (16,602.2 | ) | $ | 15,809.00 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | 47.8 | $ | — | $ | 47.8 | ||||||||||
Payables to affiliates, net | 2,309.30 | — | 595.1 | (2,904.4 | ) | — | ||||||||||||||
Deferred income taxes | 3.2 | — | — | (3.2 | ) | — | ||||||||||||||
Liabilities from coal trading activities, net | — | 4 | 50.5 | (35.1 | ) | 19.4 | ||||||||||||||
Accounts payable and accrued expenses | 63.3 | 595 | 956.5 | (7.9 | ) | 1,606.90 | ||||||||||||||
Total current liabilities | 2,375.80 | 599 | 1,649.90 | (2,950.6 | ) | 1,674.10 | ||||||||||||||
Long-term debt, less current maturities | 6,114.50 | 6.6 | 84 | — | 6,205.10 | |||||||||||||||
Deferred income taxes | 43.2 | 142 | 392.1 | — | 577.3 | |||||||||||||||
Notes payable to affiliates, net | — | — | 4,521.70 | (4,521.7 | ) | — | ||||||||||||||
Other noncurrent liabilities | 55.8 | 1,893.90 | 464 | — | 2,413.70 | |||||||||||||||
Total liabilities | 8,589.30 | 2,641.50 | 7,111.70 | (7,472.3 | ) | 10,870.20 | ||||||||||||||
Peabody Energy Corporation’s stockholders’ equity | 4,904.90 | 6,905.60 | 2,224.30 | (9,129.9 | ) | 4,904.90 | ||||||||||||||
Noncontrolling interests | — | — | 33.9 | — | 33.9 | |||||||||||||||
Total stockholders’ equity | 4,904.90 | 6,905.60 | 2,258.20 | (9,129.9 | ) | 4,938.80 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 13,494.20 | $ | 9,547.10 | $ | 9,369.90 | $ | (16,602.2 | ) | $ | 15,809.00 | |||||||||
Supplemental Consolidated Statements Of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
Unaudited Supplemental Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||
Net cash provided by (used in) continuing operations | $ | 252.2 | $ | 1,225.00 | $ | (103.5 | ) | $ | 1,373.70 | |||||||||||
Net cash used in by discontinued operations | (1.6 | ) | (8.0 | ) | (72.6 | ) | (82.2 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 250.6 | 1,217.00 | (176.1 | ) | 1,291.50 | |||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||
Additions to property, plant, equipment and mine development | — | (188.3 | ) | (543.8 | ) | (732.1 | ) | |||||||||||||
Federal coal lease expenditures | — | (247.9 | ) | — | (247.9 | ) | ||||||||||||||
Investment in Prairie State Energy Campus | — | (9.4 | ) | — | (9.4 | ) | ||||||||||||||
Proceeds from disposal of assets | — | 59.3 | 34.2 | 93.5 | ||||||||||||||||
Purchases of debt securities | — | — | (23.8 | ) | (23.8 | ) | ||||||||||||||
Proceeds from sales and maturities of debt securities | — | — | 39 | 39 | ||||||||||||||||
Contributions to joint ventures | — | — | (531.2 | ) | (531.2 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 527.7 | 527.7 | ||||||||||||||||
Advances to related parties | — | — | (743.4 | ) | (743.4 | ) | ||||||||||||||
Repayments of loans from related parties | — | — | 720.2 | 720.2 | ||||||||||||||||
Other, net | — | (3.0 | ) | (0.2 | ) | (3.2 | ) | |||||||||||||
Net cash used in continuing operations | — | (389.3 | ) | (521.3 | ) | (910.6 | ) | |||||||||||||
Net cash used in discontinued operations | — | (1.9 | ) | (9.3 | ) | (11.2 | ) | |||||||||||||
Net cash used in investing activities | — | (391.2 | ) | (530.6 | ) | (921.8 | ) | |||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||
Repayments of long-term debt | (285.3 | ) | (0.3 | ) | (20.1 | ) | (305.7 | ) | ||||||||||||
Common stock repurchase | (99.9 | ) | — | — | (99.9 | ) | ||||||||||||||
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | — | — | (49.8 | ) | (49.8 | ) | ||||||||||||||
Dividends paid | (69.1 | ) | — | — | (69.1 | ) | ||||||||||||||
Repurchase of employee common stock relinquished for tax withholding | (8.3 | ) | — | — | (8.3 | ) | ||||||||||||||
Excess tax benefits related to share-based compensation | 3.6 | — | — | 3.6 | ||||||||||||||||
Other, net | 9.4 | — | (1.0 | ) | 8.4 | |||||||||||||||
Transactions with affiliates, net | 153.7 | (826.1 | ) | 672.4 | — | |||||||||||||||
Net cash (used in) provided by financing activities | (295.9 | ) | (826.4 | ) | 601.5 | (520.8 | ) | |||||||||||||
Net change in cash and cash equivalents | (45.3 | ) | (0.6 | ) | (105.2 | ) | (151.1 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 283.2 | 0.8 | 515.1 | 799.1 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 237.9 | $ | 0.2 | $ | 409.9 | $ | 648 | ||||||||||||
Unaudited Supplemental Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | ||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Cash Flows From Operating Activities | ||||||||||||||||||||
Net cash provided by (used in) continuing operations | $ | 98.1 | $ | 687.4 | $ | (207.9 | ) | $ | 577.6 | |||||||||||
Net cash used in discontinued operations | (14.3 | ) | (0.3 | ) | (19.0 | ) | (33.6 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 83.8 | 687.1 | (226.9 | ) | 544 | |||||||||||||||
Cash Flows From Investing Activities | ||||||||||||||||||||
Additions to property, plant, equipment and mine development | — | (65.1 | ) | (163.6 | ) | (228.7 | ) | |||||||||||||
Changes in accrued expenses related to capital expenditures | — | (2.4 | ) | (100.2 | ) | (102.6 | ) | |||||||||||||
Federal coal lease expenditures | — | (89.5 | ) | — | (89.5 | ) | ||||||||||||||
Proceeds from disposal of assets, net of notes receivable | — | 48.3 | 85 | 133.3 | ||||||||||||||||
Purchases of debt securities | — | — | (9.9 | ) | (9.9 | ) | ||||||||||||||
Proceeds from sales and maturities of debt securities | — | — | 17.7 | 17.7 | ||||||||||||||||
Proceeds from the maturity of short-term investments | — | — | 4.8 | 4.8 | ||||||||||||||||
Contributions to joint ventures | — | — | (539.8 | ) | (539.8 | ) | ||||||||||||||
Distributions from joint ventures | — | — | 576.6 | 576.6 | ||||||||||||||||
Advances to related parties | — | — | (39.5 | ) | (39.5 | ) | ||||||||||||||
Repayments of loans from related parties | — | — | 22.7 | 22.7 | ||||||||||||||||
Other, net | — | (4.1 | ) | (0.1 | ) | (4.2 | ) | |||||||||||||
Net cash used in continuing operations | — | (112.8 | ) | (146.3 | ) | (259.1 | ) | |||||||||||||
Net cash used in discontinued operations | — | — | (1.0 | ) | (1.0 | ) | ||||||||||||||
Net cash used in investing activities | — | (112.8 | ) | (147.3 | ) | (260.1 | ) | |||||||||||||
Cash Flows From Financing Activities | ||||||||||||||||||||
Repayments of long-term debt | (1,331.3 | ) | (0.1 | ) | (52.6 | ) | (1,384.0 | ) | ||||||||||||
Proceeds from long-term debt | 1,188.00 | — | — | 1,188.00 | ||||||||||||||||
Dividends paid | (68.8 | ) | — | — | (68.8 | ) | ||||||||||||||
Payment of debt issuance costs | (22.8 | ) | — | — | (22.8 | ) | ||||||||||||||
Repurchase of employee common stock relinquished for tax withholding | (2.9 | ) | — | — | (2.9 | ) | ||||||||||||||
Other, net | 6.7 | (1.7 | ) | (5.9 | ) | (0.9 | ) | |||||||||||||
Transactions with affiliates, net | 231.4 | (572.5 | ) | 341.1 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 0.3 | (574.3 | ) | 282.6 | (291.4 | ) | ||||||||||||||
Net change in cash and cash equivalents | 84.1 | — | (91.6 | ) | (7.5 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 269.6 | 0.3 | 288.9 | 558.8 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 353.7 | $ | 0.3 | $ | 197.3 | $ | 551.3 | ||||||||||||
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Total revenues | $38.60 | $41.50 | $106.30 | $171.50 | ' |
Loss from discontinued operations before income taxes | -62.1 | -127.6 | -94.8 | -146.6 | ' |
Income tax benefit | 19 | 46.3 | 28.3 | 53.9 | ' |
Loss from discontinued operations, net of income taxes | -43.1 | -81.3 | -66.5 | -92.7 | ' |
Other current assets | 42.1 | ' | 42.1 | ' | 37.5 |
Investments and other assets | 97.3 | ' | 97.3 | ' | 140.8 |
Total assets classified as discontinued operations | 139.4 | ' | 139.4 | ' | 178.3 |
Accounts payable and accrued expenses | 35.3 | ' | 35.3 | ' | 33.3 |
Other noncurrent liabilities | 40.5 | ' | 40.5 | ' | 27.1 |
Total liabilities classified as discontinued operations | 75.8 | ' | 75.8 | ' | 60.4 |
Wilkie Creek [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Before tax impairment charge | 45.2 | ' | 45.2 | ' | ' |
After tax impairment charge | 32.4 | ' | 32.4 | ' | ' |
Air Quality [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Results from discontinued operations, before tax | ' | 116.7 | ' | 116.7 | ' |
Results from discontinued operations, after tax | ' | 75 | ' | 75 | ' |
Before tax impairment charge | ' | 108.9 | ' | 108.9 | ' |
After tax impairment charge | ' | $68.80 | ' | $68.80 | ' |
Investments_Details
Investments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments in available-for-sale securities | ' | ' |
Available-for-sale securities, amortized cost | $58 | $88 |
Available-for-sale securities, gross unrealized gains | 4.8 | 0.4 |
Available-for-sale Securities, Gross Unrealized Losses | -0.1 | 0 |
Current [Member] | Federal government securities [Member] | ' | ' |
Investments in available-for-sale securities | ' | ' |
Available-for-sale securities, amortized cost | 3.8 | ' |
Available-for-sale securities, gross unrealized gains | 0 | ' |
Available-for-sale Securities, Gross Unrealized Losses | 0 | ' |
Available-for-sale securities, fair value | 3.8 | ' |
Current [Member] | U.S. corporate bonds [Member] | ' | ' |
Investments in available-for-sale securities | ' | ' |
Available-for-sale securities, amortized cost | 3.8 | 4.1 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, fair value | 3.8 | 4.1 |
Noncurrent [Member] | Marketable equity securities [Member] | ' | ' |
Investments in available-for-sale securities | ' | ' |
Available-for-sale securities, amortized cost | 10.9 | 32.4 |
Available-for-sale securities, gross unrealized gains | 4.6 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, fair value | 15.5 | 32.4 |
Noncurrent [Member] | Federal government securities [Member] | ' | ' |
Investments in available-for-sale securities | ' | ' |
Available-for-sale securities, amortized cost | 23.8 | 32 |
Available-for-sale securities, gross unrealized gains | 0.1 | 0.2 |
Available-for-sale Securities, Gross Unrealized Losses | -0.1 | 0 |
Available-for-sale securities, fair value | 23.8 | 32.2 |
Noncurrent [Member] | U.S. corporate bonds [Member] | ' | ' |
Investments in available-for-sale securities | ' | ' |
Available-for-sale securities, amortized cost | 15.7 | 19.5 |
Available-for-sale securities, gross unrealized gains | 0.1 | 0.2 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, fair value | 15.8 | 19.7 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Investments in available-for-sale securities | ' | ' |
Available-for-sale securities, fair value | $62.70 | $88.40 |
Investments_Details_1
Investments (Details 1) (Debt Securities [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Debt Securities [Member] | ' |
Contractual maturities for available-for-sale securities | ' |
Due in one year or less, Cost | $7.60 |
Due in one to five years, Cost | 39.5 |
Total Cost | 47.1 |
Due in one year or less, Fair Value | 7.6 |
Due in one to five years, Fair Value | 39.6 |
Total Fair Value | $47.20 |
Investments_Details_Textuals
Investments (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Investments [Abstract] | ' | ' | ' | ' | ' | ' |
Long Term Investments Maturity Period Description | ' | ' | ' | 'Greater than one year | ' | ' |
Short Term Investments Maturity Period Description | ' | ' | ' | 'Greater than three months and up to one year | ' | ' |
Held-to-maturity Securities | $0 | ' | ' | $0 | ' | $4.80 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | 4.8 | ' | ' | 4.8 | ' | 0.4 |
Proceeds from Sale and Maturity of Marketable Securities | ' | ' | ' | 17.7 | 39 | ' |
Proceeds from Sale of Available-for-sale Securities | 0.8 | ' | 0 | 17.7 | 9.8 | ' |
Payments to Acquire Available-for-sale Securities, Debt | 0.2 | ' | 0 | 9.9 | 23.8 | ' |
Available-for-sale Securities, Gross Realized Gains | 0.1 | ' | 0.1 | 0.1 | 0.1 | ' |
Other than Temporary Impairment Losses, Investments | ' | 21.5 | ' | 21.5 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 58 | ' | ' | 58 | ' | 88 |
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities | 0 | ' | ' | 4.8 | ' | ' |
Newcastle Coal Infrastructure Group [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from Sale and Maturity of Marketable Securities | ' | ' | 11.4 | ' | 29.2 | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | ' | ' | 0 | ' | 0.2 | ' |
Non Current [Member] | Equity Securities [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Unrealized Gains | 4.6 | ' | ' | 4.6 | ' | 0 |
Available-for-sale Securities, Amortized Cost Basis | $10.90 | ' | ' | $10.90 | ' | $32.40 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventories | ' | ' |
Materials and supplies | $166.20 | $157.60 |
Raw coal | 126.7 | 164.3 |
Saleable coal | 270.3 | 226.5 |
Total | $563.20 | $548.40 |
Derivatives_and_Fair_Value_Mea3
Derivatives and Fair Value Measurements (Details) | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | USD ($) | Foreign Currency Forward Contract [Member] | Foreign Currency Forward Contract [Member] | AUD to USD Hedge Contracts [Member] | AUD to USD Hedge Contracts [Member] | AUD to USD Hedge Contracts [Member] | AUD to USD Hedge Contracts [Member] | Diesel fuel hedge contracts [Member] | Diesel fuel hedge contracts [Member] | Diesel fuel hedge contracts [Member] | Diesel fuel hedge contracts [Member] | Diesel fuel hedge contracts [Member] | Explosives Hedge Contracts Member | Explosives Hedge Contracts Member | Explosives Hedge Contracts Member | Explosives Hedge Contracts Member | Explosives Hedge Contracts Member |
USD ($) | USD ($) | Fair value hedge [Member] | Cash flow hedges [Member] | Economic hedge [Member] | USD ($) | USD ($) | Fair value hedge [Member] | Cash flow hedges [Member] | Economic hedge [Member] | USD ($) | USD ($) | Fair value hedge [Member] | Cash flow hedges [Member] | Economic hedge [Member] | |||
AUD | AUD | AUD | gal | gal | gal | MMbtu | MMbtu | MMbtu | |||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (losses) to be reclassified from accumulated other comprehensive (loss) income to earnings over the next 12 months | ' | ' | $3 | ' | ' | ' | ' | ($3) | ' | ' | ' | ' | ($3) | ' | ' | ' | ' |
Notional Amount of Interest Rate Derivatives | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's foreign currency and commodity positions by Year of Maturity and Account Classification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total (A$ millions) | ' | ' | ' | ' | 0 | 5,643.80 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 (A$ millions) | ' | ' | ' | ' | ' | 511.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 (A$ millions) | ' | ' | ' | ' | ' | 2,032.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 (A$ millions) | ' | ' | ' | ' | ' | 1,631.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 (A$ millions) | ' | ' | ' | ' | ' | 982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 (A$ millions) | ' | ' | ' | ' | ' | 487 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total (gallons/MMbtu) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 198,100,000 | 0 | ' | ' | 0 | 1,700,000 | 0 |
2013 (gallons/MMbtu) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,200,000 | ' | ' | ' | ' | 500,000 | ' |
2014 (gallons/MMbtu) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,900,000 | ' | ' | ' | ' | 1,200,000 | ' |
2015 (gallons/MMbtu) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,400,000 | ' | ' | ' | ' | 0 | ' |
2016 (gallons/MMbtu) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,600,000 | ' | ' | ' | ' | 0 | ' |
2017 (gallons/MMbtu) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' |
Fair Value Liability | ' | ' | ' | ($272.40) | ' | ' | ' | ' | ($8.90) | ' | ' | ' | ' | ($2.40) | ' | ' | ' |
Timing differences between the hedge settlement and the purchase transaction | ' | 'Less than a day and up to a maximum of 30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_and_Fair_Value_Mea4
Derivatives and Fair Value Measurements (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income on derivative (effective portion) | $67.50 | $218.80 | ($405.50) | $326.20 |
Gain reclassified from other comprehensive income into income (effective portion) | 14.2 | 93.2 | 168.6 | 315.6 |
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | 0.2 | 2.2 | 0.5 | -2.3 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain recognized in income on non-designated derivatives | 0 | 0 | 0 | 0 |
Foreign Currency Forward Contract [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income on derivative (effective portion) | 51.7 | 169.2 | -402.2 | 297.5 |
Gain reclassified from other comprehensive income into income (effective portion) | 9.9 | 82 | 157.1 | 276.6 |
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | 0 | 0 | 0 | 0 |
Foreign Currency Forward Contract [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain recognized in income on non-designated derivatives | 0 | 0 | 0 | 0 |
Commodity swap contracts [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in other comprehensive income on derivative (effective portion) | 15.8 | 49.6 | -3.3 | 28.7 |
Gain reclassified from other comprehensive income into income (effective portion) | 4.3 | 11.2 | 11.5 | 39 |
Gain (loss) reclassified from other comprehensive income into income (ineffective portion) | 0.2 | 2.2 | 0.5 | -2.3 |
Commodity swap contracts [Member] | Operating costs and expenses [Member] | Cash flow hedges [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain recognized in income on non-designated derivatives | $0 | $0 | $0 | $0 |
Derivatives_and_Fair_Value_Mea5
Derivatives and Fair Value Measurements (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Explosives Hedge Contracts Member | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | ($2.40) | ' |
Diesel Fuel Hedge Contracts [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | -8.9 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Investments in debt and equity securities (available-for-sale) | 62.7 | 88.4 |
Total net financial assets (liabilities) | -221 | 379.3 |
Fair Value, Measurements, Recurring [Member] | Foreign Currency Forward Contract [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | -272.4 | 286.9 |
Fair Value, Measurements, Recurring [Member] | Commodity swap contracts [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | -11.3 | 4 |
Fair Value, Measurements, Recurring [Member] | Level 1[Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Investments in debt and equity securities (available-for-sale) | 51.2 | 75.4 |
Total net financial assets (liabilities) | 51.2 | 75.4 |
Fair Value, Measurements, Recurring [Member] | Level 1[Member] | Foreign Currency Forward Contract [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1[Member] | Commodity swap contracts [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Investments in debt and equity securities (available-for-sale) | 11.5 | 13 |
Total net financial assets (liabilities) | -272.2 | 303.9 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Currency Forward Contract [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | -272.4 | 286.9 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commodity swap contracts [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | -11.3 | 4 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Investments in debt and equity securities (available-for-sale) | 0 | 0 |
Total net financial assets (liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Foreign Currency Forward Contract [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commodity swap contracts [Member] | ' | ' |
Fair value of financial asset (liability) positions measured on a recurring basis | ' | ' |
Derivative assets (liabilities), at fair value, net | $0 | $0 |
Derivatives_and_Fair_Value_Mea6
Derivatives and Fair Value Measurements (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Gross amounts of recognized assets/liabilities [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | $26.70 | $278.40 | ||
Derivative Liabilities, Current | 134.7 | 8.5 | ||
Derivative Assets, Noncurrent | 10.7 | 30.1 | ||
Derivative Liabilities, Noncurrent | 186.4 | 9.1 | ||
Gross amounts of recognized assets/liabilities [Member] | Commodity swap contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | 4.2 | 18.3 | ||
Derivative Liabilities, Current | 9.6 | 8.5 | ||
Derivative Assets, Noncurrent | 0.8 | 2.5 | ||
Derivative Liabilities, Noncurrent | 6.7 | 8.3 | ||
Gross amounts of recognized assets/liabilities [Member] | Foreign Currency Forward Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | 22.5 | 260.1 | ||
Derivative Liabilities, Current | 125.1 | 0 | ||
Derivative Assets, Noncurrent | 9.9 | 27.6 | ||
Derivative Liabilities, Noncurrent | 179.7 | 0.8 | ||
Gross amounts offset in th econdensed consolidated balance sheet [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | -25.2 | -3.8 | ||
Derivative Liabilities, Current | -23.3 | -2.8 | ||
Derivative Assets, Noncurrent | -10.6 | -2.2 | ||
Derivative Liabilities, Noncurrent | -12.5 | -3.2 | ||
Gross amounts offset in th econdensed consolidated balance sheet [Member] | Commodity swap contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | -2.7 | -3.8 | ||
Derivative Liabilities, Current | -2.2 | -2.8 | ||
Derivative Assets, Noncurrent | -0.7 | -1.4 | ||
Derivative Liabilities, Noncurrent | -1.2 | -2.4 | ||
Gross amounts offset in th econdensed consolidated balance sheet [Member] | Foreign Currency Forward Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | -22.5 | 0 | ||
Derivative Liabilities, Current | -21.1 | 0 | ||
Derivative Assets, Noncurrent | -9.9 | -0.8 | ||
Derivative Liabilities, Noncurrent | -11.3 | -0.8 | ||
Net amounts of assets/liabilities presented in the condesned consolidated balance sheet [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | 1.5 | 274.6 | ||
Derivative Liabilities, Current | 111.4 | 5.7 | ||
Derivative Assets, Noncurrent | 0.1 | 27.9 | ||
Derivative Liabilities, Noncurrent | 173.9 | 5.9 | ||
Net amounts of assets/liabilities presented in the condesned consolidated balance sheet [Member] | Commodity swap contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | 1.5 | 14.5 | ||
Derivative Liabilities, Current | 7.4 | 5.7 | ||
Derivative Assets, Noncurrent | 0.1 | 1.1 | ||
Derivative Liabilities, Noncurrent | 5.5 | 5.9 | ||
Net amounts of assets/liabilities presented in the condesned consolidated balance sheet [Member] | Foreign Currency Forward Contract [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | 0 | 260.1 | ||
Derivative Liabilities, Current | 104 | 0 | ||
Derivative Assets, Noncurrent | 0 | 26.8 | ||
Derivative Liabilities, Noncurrent | 168.4 | 0 | ||
Derivatives not offset in the condensed consolidated balance sheet [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | -1.5 | [1] | -8 | [1] |
Derivative Liabilities, Current | -2.7 | [1] | -5.7 | [1] |
Derivative Assets, Noncurrent | -0.1 | [1] | -3.4 | [1] |
Derivative Liabilities, Noncurrent | 1.1 | [1] | -5.7 | [1] |
Net amount [Member] [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Assets, Current | 0 | 266.6 | ||
Derivative Liabilities, Current | 108.7 | 0 | ||
Derivative Assets, Noncurrent | 0 | 24.5 | ||
Derivative Liabilities, Noncurrent | $175 | $0.20 | ||
[1] | Adjustments relate to the further netting of derivative contracts with a common counterparty across the Company's foreign currency, diesel fuel and explosives hedging strategy derivative contract portfolios that would be contractually enforceable in the event of default. |
Derivatives_and_Fair_Value_Mea7
Derivatives and Fair Value Measurements (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Held-to-maturity Securities | $0 | $4,800,000 | ' |
Level 1 to Level 2 transfers | ' | ' | 0 |
Level 1 to Level 2 transfers | 0 | ' | ' |
Level 2 to Level 1 transfers | ' | ' | 0 |
Level 2 to Level 1 transfers | 0 | ' | ' |
Long-term debt, carrying value | ' | 6,252,900,000 | ' |
Carrying amount [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt, carrying value | 6,007,500,000 | 6,252,900,000 | ' |
Estimated fair value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt, fair value | $5,966,200,000 | $6,583,900,000 | ' |
7.875% Senior Notes due November 2026 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rates on Senior Notes | 7.88% | ' | ' |
Coal_Trading_Details
Coal Trading (Details) (Coal trading other revenues [Member], USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Trading revenue: | ' | ' | ' | ' | ' | |||
Trading revenue | $32.10 | $40.30 | $54.60 | $132.80 | ' | |||
Coal trading derivative instruments and balance sheet offsetting disclosures: | ' | ' | ' | ' | ' | |||
Assets from coal trading activities, gross amounts of recognized assets | 537.4 | ' | 537.4 | ' | 380.4 | |||
Liabilities from coal trading activities, gross amounts of recognized liabilities | -407.4 | ' | -407.4 | ' | -190.5 | |||
Assets and (liabilities) coal trading activities, net amounts recognized before the application of variation margin | 130 | ' | 130 | ' | 189.9 | |||
Gross amounts of coal trading liabilities offset against associated coal trading assets | -396.6 | ' | -396.6 | ' | -170.8 | |||
Gross amounts of coal trading assets offset against associated coal trading liabilities | 396.6 | ' | 396.6 | ' | 170.8 | |||
Net coal trading assets (liabilities) offset against associated (liabilities) assets | 0 | ' | 0 | ' | 0 | |||
Variation margin held offset against assets from coal trading activities | -97.8 | ' | -97.8 | ' | -157.2 | |||
Variation margin posted offset against liabilities from coal trading activities | 0.8 | ' | 0.8 | ' | 0.3 | |||
Net variation margin (held) posted | -97 | [1] | ' | -97 | [1] | ' | -156.9 | [1] |
Assets from coal trading activities, net | 43 | ' | 43 | ' | 52.4 | |||
Liabilities from coal trading activities, net | -10 | ' | -10 | ' | -19.4 | |||
Net assets (liabilities) from coal trading activities | 33 | ' | 33 | ' | 33 | |||
Commodity futures, swaps and options [Member] | ' | ' | ' | ' | ' | |||
Trading revenue: | ' | ' | ' | ' | ' | |||
Trading revenue | 59.3 | 60.3 | 145.2 | 110.9 | ' | |||
Physical commodity purchase / sale contracts [Member] | ' | ' | ' | ' | ' | |||
Trading revenue: | ' | ' | ' | ' | ' | |||
Trading revenue | ($27.20) | ($20) | ($90.60) | $21.90 | ' | |||
[1] | Approximately $61 million and $76 million of the net variation margin held at SeptemberB 30, 2013 and DecemberB 31, 2012, respectively, related to cash flow hedges. |
Coal_Trading_Details_1
Coal Trading (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Dec. 31, 2012 | ||||
Coal Trading (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Level 1 to Level 2 transfers | $0 | ' | $0 | ' | ' | ' | ||||
Level 2 to Level 1 transfers | 0 | ' | 0 | ' | ' | ' | ||||
Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | '12 months | ' | ' | ' | ' | ' | ||||
Coal Trading (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ||||
Assets (liabilities) from coal trading activities designated as cash flow hedges at fair value before the application of variation margin | 110.3 | ' | 110.3 | ' | ' | 153.1 | ||||
Expected amount of gains to be realized over the next 12 months in accumulated other comprehensive income | ' | ' | ' | ' | 95 | ' | ||||
Net variation margin posted with (held from) counterparties related to flow hedge | -61 | ' | -61 | ' | ' | -76 | ||||
Level 1 to Level 2 transfers | 0 | 0 | 0 | 0 | ' | ' | ||||
Level 2 to Level 1 transfers | 0 | 0 | 0 | 0 | ' | ' | ||||
Level 3 transfers in and out, net | 0 | 0 | 0 | 0 | ' | ' | ||||
Changes in the Company's recurring Level 3 net financial assets (liabilities): | ' | ' | ' | ' | ' | ' | ||||
Beginning of period | 1.3 | 2.9 | 5.2 | 8.7 | 0.4 | ' | ||||
Total net (losses) gains realized/unrealized: | ' | ' | ' | ' | ' | ' | ||||
Included in earnings | -2.7 | 2.4 | -7.1 | 12.8 | ' | ' | ||||
Settlements | 1.8 | -4.4 | 2.3 | -20.6 | ' | ' | ||||
End of period | 0.4 | 0.9 | 0.4 | 0.9 | ' | ' | ||||
Changes in unrealized (losses) gains relating to Level 3 net financial assets held both as of the beginning and the end of the period: | ' | ' | ' | ' | ' | ' | ||||
Changes in unrealized (losses) gains | -3 | [1] | 0.2 | [1] | -2.9 | [1] | -3.5 | [1] | ' | ' |
Estimated timing of future realization of coal trading portfolio by year of expiration: | ' | ' | ' | ' | ' | ' | ||||
2013 | 21.00% | ' | 21.00% | ' | ' | ' | ||||
2014 | 64.00% | ' | 64.00% | ' | ' | ' | ||||
2015 | 12.00% | ' | 12.00% | ' | ' | ' | ||||
2016 | 3.00% | ' | 3.00% | ' | ' | ' | ||||
Percentage of trading portfolio expiration, total | 100.00% | ' | 100.00% | ' | ' | ' | ||||
Fair Value, Measurements, Recurring [Member] | Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ' | ' | ' | ' | ' | ' | ||||
Commodity futures, swaps and options | 34.2 | ' | 34.2 | ' | ' | 25.6 | ||||
Physical commodity purchase/sale contracts | -1.2 | ' | -1.2 | ' | ' | 7.4 | ||||
Total net financial assets | 33 | ' | 33 | ' | ' | 33 | ||||
Level 1[Member] | Fair Value, Measurements, Recurring [Member] | Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ' | ' | ' | ' | ' | ' | ||||
Commodity futures, swaps and options | 0 | ' | 0 | ' | ' | 1.2 | ||||
Physical commodity purchase/sale contracts | 0 | ' | 0 | ' | ' | 0 | ||||
Total net financial assets | 0 | ' | 0 | ' | ' | 1.2 | ||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ' | ' | ' | ' | ' | ' | ||||
Commodity futures, swaps and options | 34.2 | ' | 34.2 | ' | ' | 24.4 | ||||
Physical commodity purchase/sale contracts | -1.6 | ' | -1.6 | ' | ' | 2.2 | ||||
Total net financial assets | 32.6 | ' | 32.6 | ' | ' | 26.6 | ||||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Fair value coal trading net assets (liabilities) measured on recurring basis: | ' | ' | ' | ' | ' | ' | ||||
Commodity futures, swaps and options | 0 | ' | 0 | ' | ' | 0 | ||||
Physical commodity purchase/sale contracts | 0.4 | ' | 0.4 | ' | ' | 5.2 | ||||
Total net financial assets | $0.40 | ' | $0.40 | ' | ' | $5.20 | ||||
Minimum [Member] | Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Summary of quantitative unobservable inputs related to coal trading Level 3 fair value measurements: | ' | ' | ' | ' | ' | ' | ||||
Quality adjustment Level 3 unobservable input as percentage of overall valuation | 8.00% | ' | ' | ' | ' | ' | ||||
Nonperformance adjustment Level 3 unobservable input as percentage of overall valuation | 4.00% | ' | ' | ' | ' | ' | ||||
Maximum [Member] | Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Summary of quantitative unobservable inputs related to coal trading Level 3 fair value measurements: | ' | ' | ' | ' | ' | ' | ||||
Quality adjustment Level 3 unobservable input as percentage of overall valuation | 21.00% | ' | ' | ' | ' | ' | ||||
Nonperformance adjustment Level 3 unobservable input as percentage of overall valuation | 4.00% | ' | ' | ' | ' | ' | ||||
Weighted Average [Member] | Coal trading other revenues [Member] | ' | ' | ' | ' | ' | ' | ||||
Summary of quantitative unobservable inputs related to coal trading Level 3 fair value measurements: | ' | ' | ' | ' | ' | ' | ||||
Quality adjustment Level 3 unobservable input as percentage of overall valuation | 13.00% | ' | ' | ' | ' | ' | ||||
Nonperformance adjustment Level 3 unobservable input as percentage of overall valuation | 4.00% | ' | ' | ' | ' | ' | ||||
[1] | Within the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income for the periods presented, unrealized gains and losses from Level 3 items are combined with unrealized gains and losses on positions classified in Level 1 or 2, as well as other positions that have been realized during the applicable periods |
Coal_Trading_Details_2
Coal Trading (Details 2) (Coal trading other revenues [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||
In Millions, unless otherwise specified | External Credit Rating, Investment Grade [Member] | External Credit Rating, Non Investment Grade [Member] | Non Rated [Member] | ||||
Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | |||||
Coal Trading Positions [Member] | Coal Trading Positions [Member] | Coal Trading Positions [Member] | |||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ||
Credit exposure related to coal trading activities by credit grade, percentage | ' | ' | 83.00% | 12.00% | 5.00% | ||
Potential collateralization that may be requested by counterparties due to a material adverse event | $11 | $8 | ' | ' | ' | ||
Margin posted to counterparties related to material adverse event | 0 | 0 | ' | ' | ' | ||
Additional potential collateral requirements for a credit downgrade | 0 | 0 | ' | ' | ' | ||
Margin posted to counterparties related to credit rating | 0 | 0 | ' | ' | ' | ||
Net variation margin held | -97 | [1] | -156.9 | [1] | ' | ' | ' |
Initial margin posted | 17.7 | 23.2 | ' | ' | ' | ||
Margin in excess of the exchange-required variation and initial margin | $3.30 | $0.50 | ' | ' | ' | ||
[1] | Approximately $61 million and $76 million of the net variation margin held at SeptemberB 30, 2013 and DecemberB 31, 2012, respectively, related to cash flow hedges. |
Income_Taxes_Details_Textuals_
Income Taxes Details Textuals (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 |
Capital Loss Carryforward [Member] | ATO Assessment of Australian Tax Returns [Member] | ||||||
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit (provision) | $18.60 | ($49.30) | $199.60 | ($85.50) | ' | ' | ' |
Remeasurement (benefit) expense related to foreign income tax accounts | 2.6 | -13.6 | 38.1 | -8.7 | ' | ' | ' |
Unrecognized tax benefits, interest and penalties period increase (decrease) | -66.5 | ' | ' | ' | ' | ' | ' |
Change in deferred tax assets valuation allowance | ' | ' | ' | ' | ' | 25.5 | ' |
ATO proposed assessment | ' | ' | ' | ' | ' | ' | 70.4 |
ATO proposed assessment, tax | ' | ' | ' | ' | ' | ' | 48.9 |
ATO proposed assessment interest and penalties | ' | ' | ' | ' | ' | ' | 21.5 |
Deposit assets | ' | ' | ' | ' | ' | ' | 35.2 |
Reasonably possible decrease in net unrecognized tax benefits due to potential audit settlements | ' | ' | ' | ' | $40 | ' | ' |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | 3 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Term Loan [Member] | Term Loan [Member] | Term Loan Facility Two [Member] | Term Loan Facility Two [Member] | Term Loan Facility B [Member] | Term Loan Facility B [Member] | 7.375% Senior Notes due November 2016 | 7.375% Senior Notes due November 2016 | 6.00% Senior Notes due November 2018 | 6.00% Senior Notes due November 2018 | 6.50% Senior Notes due September 2020 | 6.50% Senior Notes due September 2020 | 6.25% Senior Notes due November 2021 | 6.25% Senior Notes due November 2021 | 7.875% Senior Notes due November 2026 [Member] | 7.875% Senior Notes due November 2026 [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | $0 | $418.80 | $0 | $912.50 | ' | $0 | $650 | $650 | $1,518.80 | $1,518.80 | $650 | $650 | $1,339.60 | $1,339.60 | $247.50 | $247.40 | $379.10 | $377.40 |
Proceeds from long-term debt | 1,188 | 0 | ' | ' | ' | ' | ' | 1,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | 33.5 | ' | 104.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 1 | ' | 33.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Debt | ' | ' | $6,252.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Textuals_Details
Debt Textuals (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 24, 2013 | Sep. 30, 2013 | Sep. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
7.875% Senior Notes due November 2026 [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan Facility B [Member] | Term Loan Facility B [Member] | 6.00% Senior Notes due November 2018 | Term Loan [Member] | Term Loan Facility Two [Member] | Term Loan & 2011 Term Loan [Member] | Term Loan & 2011 Term Loan [Member] | 2013 Credit Facility [Member] | Australian Bonds [Member] | Base Rate [Member] | Base Rate [Member] | Eurocurrency Rate [Member] | Eurocurrency Rate [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
Term Loan Facility B [Member] | 2013 Credit Facility [Member] | Term Loan Facility B [Member] | 2013 Credit Facility [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Eurocurrency Rate [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | Eurocurrency Rate [Member] | |||||||||||||||
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 7.88% | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | $1,650,000,000 | ' | $1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discount | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 94,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | 1,555,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized deferred financing costs | ' | ' | ' | ' | 18,300,000 | ' | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 301,800,000 | 862,500,000 | ' | 167,000,000 | ' | 32,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Company Stock Pledged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Base Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | 3.25% | ' | ' | 0.75% | 1.75% | ' | 1.50% | 2.50% |
2013 Credit Agreement, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | 0.50% | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | 2.50% | ' | ' |
Fronting fee as a percentage of the face amount of each letter of credit | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility quarterly amortization | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility Repayment Premium | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Dividend Restriction | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CapitalLeaseObligationsOffsetAgainstReceivablesWithSameParty | 55,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed under the 2013 Term Loan Facility | $1,188,000,000 | $0 | ' | ' | ' | $1,188,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing_Receivables_Details
Financing Receivables (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Oct. 23, 2011 | Oct. 23, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Middlemount Mine [Member] | Middlemount Mine [Member] | Codrilla Mine Project [Member] | Codrilla Mine Project [Member] | Codrilla Mine Project [Member] | Codrilla Mine Project [Member] | Codrilla Mine Project [Member] | Coppabella, Moorvale, and Codrilla Mines [Member] | Kentucky Nonstrategic Reserves and Land [Member] | Financing Receivable [Member] | Financing Receivable [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | AUD | USD ($) | USD ($) | USD ($) | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total financing receivables | $402.70 | $391.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.2 | 0.7 |
Investments and other assets | ' | ' | 336.2 | 357.4 | ' | 29.3 | ' | 33.6 | ' | ' | ' | 365.5 | 391 |
Equity Method Investment, Ownership Percentage | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership before selldown | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Percentage of undivided interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73.30% | ' | ' | ' |
Consideration received by company upon completion of sell down | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' |
Percentage of agreed sale price as consideration upon selldown completion | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' |
Business acquistion percentage of agreed sales price first installment payment received | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of agreed sale price as final installment payment due | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' |
Adjustment to Discounted Value of Note Receivable | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' | ' | ' |
Basis spread over Australian Bank Bill Swap Reference Rate | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Proceeds From Sale Of Nonstrategic Coal Reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35 | ' | ' |
Notes Receivable From Sale Of Nonstrategic Coal Reserves | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35 | ' | ' |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefit Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Components of net periodic benefit costs | ' | ' | ' | ' |
Service cost for benefits earned | $0.60 | $0.50 | $1.70 | $1.50 |
Interest cost on projected benefit obligation | 10.6 | 11.7 | 31.7 | 35.1 |
Expected return on plan assets | -14.9 | -15.9 | -44.6 | -47.8 |
Amortization of actuarial loss and prior service cost | 16.6 | 12.4 | 49.9 | 37.2 |
Net periodic pension costs | 12.9 | 8.7 | 38.7 | 26 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Components of net periodic benefit costs | ' | ' | ' | ' |
Service cost for benefits earned | 4 | 3.6 | 11.8 | 10.9 |
Interest cost on projected benefit obligation | 10.5 | 13.7 | 31.4 | 41.2 |
Amortization of actuarial loss and prior service cost | 5.6 | 8.8 | 16.8 | 26.2 |
Special Termination Benefits | -0.6 | 0 | 0.9 | 0 |
Net periodic pension costs | $19.50 | $26.10 | $60.90 | $78.30 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefit Costs Details Textuals (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Funding threshhold | ' | 80.00% |
Minimum expected contributions in 2013 on qualified plan | $2 | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | ' | ' | $25 | ' | ' | ||
Foreign Currency Translation Adjustment | -46.7 | ' | -46.7 | ' | 22.2 | ||
Reclassification from other comprehensive income to earnings | ' | ' | 0 | ' | ' | ||
Current Period Change | 4.5 | 13.8 | -68.9 | 20.4 | ' | ||
Net actuarial loss associated with postretirement plans and workers' compensation obligations | -368.8 | ' | -368.8 | ' | -411.7 | ||
Reclassification from other comprehensive income to earnings | -14.3 | [1] | ' | -42.9 | [1] | ' | ' |
Current period change | ' | ' | 0 | ' | ' | ||
Prior service cost associated with postretirement plans | 12.4 | ' | 12.4 | ' | 12.7 | ||
Reclassification from other comprehensive income to earnings | 0.1 | [1] | ' | 0.3 | [1] | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 14.2 | 93.2 | 168.6 | 315.6 | ' | ||
Current period change | ' | ' | 0 | ' | ' | ||
Cash flow hedges | -5.7 | ' | -5.7 | ' | 387.5 | ||
Net change in fair value | 27.3 | 111.5 | -217.7 | 302 | ' | ||
Reclassification from other comprehensive income to earnings | 34.8 | [1] | 57.7 | 175.5 | [1] | 179.2 | ' |
Available-for-sale securities | 2.9 | ' | 2.9 | ' | 0.3 | ||
Net change in fair value | 2.9 | -5.1 | -10.7 | -19.2 | ' | ||
Reclassification from other comprehensive income to earnings | 0 | [1] | 0 | -13.3 | [1] | 0 | ' |
Total accumulated other comprehensive income (loss) | -405.9 | ' | -405.9 | ' | 11 | ||
Net change in fair value | ' | ' | -228.4 | ' | ' | ||
Reclassification from other comprehensive income to earnings | ' | ' | -119.6 | ' | ' | ||
Current period change | ' | ' | -68.9 | ' | ' | ||
Postretirement health care and life insurance benefits actuarial loss [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -6 | [1] | ' | -18 | [1] | ' | ' |
Defined benefit pension plans operating costs and expenses actuarial loss [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -13.6 | [1] | ' | -40.8 | [1] | ' | ' |
Defined benefit pension plans selling and administrative expenses actuarial loss [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -2.8 | [1] | ' | -8.4 | [1] | ' | ' |
Insignificant items actuarial loss [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -0.3 | [1] | ' | -0.9 | [1] | ' | ' |
Net actuarial loss associated with postretirement plans and workers compensation obligations total before income taxes [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -22.7 | [1] | ' | -68.1 | [1] | ' | ' |
Income tax benefit | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 8.4 | [1] | ' | 25.2 | [1] | ' | ' |
Postretirement health care and life insurance benefits prior service cost [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 0.4 | [1] | ' | 1.2 | [1] | ' | ' |
Defined benefit pension plans operating costs and expenses prior service cost [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | -0.2 | [1] | ' | -0.7 | [1] | ' | ' |
Prior service cost associated with postretirement plans total before income taxes [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 0.2 | [1] | ' | 0.5 | [1] | ' | ' |
Income tax provision prior service cost [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | -0.1 | [1] | ' | -0.2 | [1] | ' | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 9.9 | [1] | ' | 157.1 | [1] | ' | ' |
Commodity Swaps and Options [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 4.5 | [1] | ' | 12 | [1] | ' | ' |
Coal Trading [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 37.8 | [1] | ' | 88.8 | [1] | ' | ' |
Insignificant items [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.2 | [1] | ' | -0.5 | [1] | ' | ' |
Total before income taxes cash flow hedges [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 52 | [1] | ' | 257.4 | [1] | ' | ' |
Income tax provision cash flow hedges [Member] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -17.2 | [1] | ' | -81.9 | [1] | ' | ' |
Debt Securities Interest Income [Domain] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Reclassification from other comprehensive income to earnings | 0 | [1] | ' | 0.1 | [1] | ' | ' |
Equity Securites Asset Impairment [Domain] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Reclassification from other comprehensive income to earnings | 0 | [1] | ' | -21.5 | [1] | ' | ' |
Total Before Income Taxes Availabile for Sale Securities [Domain] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Reclassification from other comprehensive income to earnings | 0 | [1] | ' | -21.4 | [1] | ' | ' |
Income Tax Benefit/Provision Available for Sale Securities [Domain] | ' | ' | ' | ' | ' | ||
Accumulated other comprehensive income [Line Items] | ' | ' | ' | ' | ' | ||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | $0 | [1] | ' | $8.10 | [1] | ' | ' |
[1] | Presented as gains (losses) in the unaudited condensed consolidated statements of operations. |
Resource_Management_and_Other_1
Resource Management and Other Commercial Events (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
OtherCommercialEvents [Line Items] | ' | ' |
Cash Proceeds From Sale Of Nonstrategic Coal Reserves | $133.30 | $93.50 |
Gain (Loss) on Sale of Proved Property | 40.3 | ' |
Charge to fully impair the carrying value of the investment | ' | 7.7 |
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | 0 | 49.8 |
Kentucky Nonstrategic Reserves and Land [Member] | ' | ' |
OtherCommercialEvents [Line Items] | ' | ' |
Cash Proceeds From Sale Of Nonstrategic Coal Reserves | 35 | ' |
Notes Receivable From Sale Of Nonstrategic Coal Reserves | $35 | ' |
Earnings_per_Share_EPS_Details
Earnings per Share (EPS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings per Share (EPS) (Textuals) [Abstract] | ' | ' | ' | ' | ||||
Antidilutive shares excluded from EPS calculation | 3.3 | 0.1 | 3.3 | 0.1 | ||||
Reallocation Adjustment For Participating Securities | $0.10 | $0.10 | $0.10 | $0.10 | ||||
EPS numerator: | ' | ' | ' | ' | ||||
Income from continuing operations, net of income taxes | 24 | 122.9 | 115.1 | 520.4 | ||||
Less: Net income (loss) attributable to noncontrolling interests | 7 | -1.3 | 7.8 | 7.4 | ||||
Income from continuing operations attributable to common stockholders, before allocation of earnings to participating securities | 17 | 124.2 | 107.3 | 513 | ||||
Less: Earnings from continuing operations allocated to participating securities | 0.2 | 0.8 | 0.6 | 3.8 | ||||
Income from continuing operations attributable to common stockholders, after allocation of earnings to participating securities | 16.8 | [1] | 123.4 | [1] | 106.7 | [1] | 509.2 | [1] |
Loss from discontinued operations, net of income taxes | -43.1 | -81.3 | -66.5 | -92.7 | ||||
Less: Loss from discontinued operations allocated to participating securities | 0 | [1] | -0.6 | [1] | 0 | [1] | -0.8 | [1] |
Loss from discontinued operations attributable to common stockholders, after allocation of earnings to participating securities | -43.1 | -80.7 | -66.5 | -91.9 | ||||
Net (loss) income attributable to common stockholders, after allocation of earnings to participating securities | ($26.30) | [1] | $42.70 | [1] | $40.20 | [1] | $417.30 | [1] |
EPS denominator: | ' | ' | ' | ' | ||||
Weighted average shares outstanding - basic | 267.2 | 266.2 | 267 | 268.5 | ||||
Impact of dilutive securities | 0.5 | 0.6 | 0.5 | 0.7 | ||||
Weighted average shares outstanding - diluted | 267.7 | 266.8 | 267.5 | 269.2 | ||||
Basic EPS attributable to common stockholders: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.06 | $0.46 | $0.40 | $1.89 | ||||
Loss from discontinued operations | ($0.16) | ($0.30) | ($0.25) | ($0.34) | ||||
Net (loss) income | ($0.10) | $0.16 | $0.15 | $1.55 | ||||
Diluted EPS attributable to common stockholders: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.06 | $0.46 | $0.40 | $1.89 | ||||
Loss from discontinued operations | ($0.16) | ($0.30) | ($0.25) | ($0.34) | ||||
Net (loss) income | ($0.10) | $0.16 | $0.15 | $1.55 | ||||
[1] | The reallocation adjustment for participating securities to arrive at the numerator used to calculate diluted EPS was less than $0.1 million for the periods presented. |
Financial_Instruments_and_Guar2
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Oct. 31, 2007 | ||
T | ||||||||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | $2,300.40 | ' | $2,300.40 | ' | ' | ' | ||
Letters of credit outstanding, amount | 94.7 | ' | 94.7 | ' | ' | ' | ||
Amount in letters of credit and surety bonds related to collateral for surety companies, road maintenance, performance guarantees and other operations | 158.3 | ' | 158.3 | ' | ' | ' | ||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ||
Letter of credit arrangement for workers compensation | 22.3 | ' | 22.3 | ' | ' | ' | ||
Collateral for letter of credit related to workers compensation | 31.9 | ' | 31.9 | ' | ' | ' | ||
Maximum capacity of the securitization program | 275 | ' | 275 | ' | ' | ' | ||
Amount available under the securitization program | 148.3 | ' | 148.3 | ' | ' | ' | ||
Total consideration received by Company related to accounts receivable sold under securitization program | ' | ' | 3,159.10 | ' | ' | ' | ||
Cash up front from sale of receivables | ' | ' | 2,021.30 | ' | ' | ' | ||
Additional cash upon collection of underlying receivables | ' | ' | 968.6 | ' | ' | ' | ||
Non collected receivables | 169.2 | ' | 169.2 | ' | ' | ' | ||
Accounts receivable from securitization | 65.9 | ' | 65.9 | ' | 25 | ' | ||
Expense associated with securitization transactions | 0.5 | 0.5 | 1.2 | 1.4 | ' | ' | ||
Number of company operated mines included in Patriot Spin-off | ' | ' | ' | ' | ' | 8 | ||
Number of majority owned JV mines included in the Patriot spin-off | ' | ' | ' | ' | ' | 2 | ||
Number of coal preparation facilities servicing contractor-operated mines included in the Patriot spin-off | ' | ' | ' | ' | ' | 8 | ||
Proven and probable coal reserves related to Patriot | ' | ' | ' | ' | ' | 1,200,000,000 | ||
Potential exposure from Patriot bankruptcy in possible Patriot federal and state black lung occupational disease liabilities | 150 | ' | 150 | ' | ' | ' | ||
Patriot collateral posted with the Department of Labor | ' | ' | ' | ' | 15 | ' | ||
Liability for reclamation and bonding commitments provided on behalf of third-party coal producer | 45.6 | ' | 45.6 | ' | 45.6 | ' | ||
DTA and PBGC | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Letters of credit outstanding, amount | 79.7 | ' | 79.7 | ' | ' | ' | ||
Dominion Terminal Associates Partnership | ' | ' | ' | ' | ' | ' | ||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ||
Ownership Percentage in DTA | 37.50% | ' | 37.50% | ' | ' | ' | ||
DTA lease term | 30 | ' | 30 | ' | ' | ' | ||
Number of letters of credit supporting reimbursement obligation | 4 | ' | 4 | ' | ' | ' | ||
Maximum reimbursement obligation to commercial bank related to Dominion Terminals Associates | 42.7 | ' | 42.7 | ' | ' | ' | ||
Pension Plans Agreement With PBGC and TXU Europe | ' | ' | ' | ' | ' | ' | ||
Financial Instruments and Guarantees with Off-Balance-Sheet Risk (Textuals) [Abstract] | ' | ' | ' | ' | ' | ' | ||
Defined benefit pension plans requiring special contributions | 2 | ' | 2 | ' | ' | ' | ||
Letter of credit maintained by the Company in favor of the PBGC | 37 | ' | 37 | ' | ' | ' | ||
Guarantee in place from TXU Europe Limited | 110 | ' | 110 | ' | ' | ' | ||
Reclamation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 1,886.20 | ' | 1,886.20 | ' | ' | ' | ||
Lease Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 109.7 | ' | 109.7 | ' | ' | ' | ||
Workers' Compensation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 66.5 | ' | 66.5 | ' | ' | ' | ||
Other | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 238 | [1] | ' | 238 | [1] | ' | ' | ' |
Self bonding | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 1,242.50 | ' | 1,242.50 | ' | ' | ' | ||
Self bonding | Reclamation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 1,242.50 | ' | 1,242.50 | ' | ' | ' | ||
Self bonding | Lease Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 0 | ' | 0 | ' | ' | ' | ||
Self bonding | Workers' Compensation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 0 | ' | 0 | ' | ' | ' | ||
Self bonding | Other | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 0 | [1] | ' | 0 | [1] | ' | ' | ' |
Surety bonds | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 522.5 | ' | 522.5 | ' | ' | ' | ||
Surety bonds | Reclamation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 369.9 | ' | 369.9 | ' | ' | ' | ||
Surety bonds | Lease Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 109.7 | ' | 109.7 | ' | ' | ' | ||
Surety bonds | Workers' Compensation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 34.2 | ' | 34.2 | ' | ' | ' | ||
Surety bonds | Other | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 8.7 | [1] | ' | 8.7 | [1] | ' | ' | ' |
Bank guarantees | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 418.4 | ' | 418.4 | ' | ' | ' | ||
Bank guarantees | Reclamation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 273.8 | ' | 273.8 | ' | ' | ' | ||
Bank guarantees | Lease Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 0 | ' | 0 | ' | ' | ' | ||
Bank guarantees | Workers' Compensation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 0 | ' | 0 | ' | ' | ' | ||
Bank guarantees | Other | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 144.6 | [1] | ' | 144.6 | [1] | ' | ' | ' |
Letters of credit | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 117 | ' | 117 | ' | ' | ' | ||
Letters of credit | Reclamation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 0 | ' | 0 | ' | ' | ' | ||
Letters of credit | Lease Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 0 | ' | 0 | ' | ' | ' | ||
Letters of credit | Workers' Compensation Obligations | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | 32.3 | ' | 32.3 | ' | ' | ' | ||
Letters of credit | Other | ' | ' | ' | ' | ' | ' | ||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ||
Guarantor obligations, current carrying value | $84.70 | [1] | ' | $84.70 | [1] | ' | ' | ' |
[1] | Other includes the $79.7 million in letters of credit related to Dominion Terminal Associates and TXU Europe Limited described below and an additional $158.3 million in bank guarantees, surety bonds and letters of credit related to collateral for surety companies, road maintenance, performance guarantees and other operations. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details 1) (Capital Addition Purchase Commitments [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Capital Addition Purchase Commitments [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Purchase commitments for capital expenditures | $154.60 |
Purchase commitments for capital expenditures due within one year | $76.90 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details 2) | 9 Months Ended | 9 Months Ended | 60 Months Ended | 9 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 19, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2017 | Oct. 23, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 11, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
mW | Gulf Power Company Litigation [Member] | Gulf Power Company Litigation [Member] | Gulf Power Company Litigation [Member] | Gulf Power Company Litigation [Member] | Monto Coal Pty Limited [Member] | Patriot Coal Company [Member] | Patriot Coal Company [Member] | Patriot Coal Company [Member] | Oklahoma Lead Litigation [Member] | Oklahoma Lead Litigation [Member] | Wambo Coal Pty Ltd [Member] | Wambo Coal Pty Ltd [Member] | Minimum [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | AUD | USD ($) | USD ($) | plaintiffs | USD ($) | USD ($) | USD ($) | USD ($) | Patriot Coal Company [Member] | Patriot Coal Company [Member] | ||
T | sites | USD ($) | USD ($) | ||||||||||||
Loss Contingency [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages sought for alleged past and future tonnage shortfalls | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement Damages Awarded to Plaintiff | ' | ' | ' | $20.60 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Litigation Settlement, Prejudgement Interest | ' | ' | 6.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge recorded for settlement damages | ' | 20.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge recorded for prejudgement interest | ' | 6.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership Percentage In Subsidiaries | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Loss Contingency, Damages Sought | ' | ' | ' | ' | ' | 1,193.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class B shareholders claim for unpaid dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.2 | ' | ' |
Interest on Class B shareholders claim for unpaid dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.7 | ' | ' |
Requisite security filed with the court | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34.9 | ' | ' |
Additional cash payment related to potential Class B shareholder dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | ' | ' | ' |
Funding of the newly established VEBA | ' | ' | ' | ' | ' | ' | ' | 310 | ' | ' | ' | ' | ' | ' | ' |
Amount recorded in accumulated postretirement healthcare benefit obligations to Patriot | ' | ' | ' | ' | ' | ' | 271 | ' | ' | ' | ' | ' | ' | ' | ' |
NBCWA obligations included in Accumulated other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated postretirement healthcare benefit obligations to Patriot retirees | ' | ' | ' | ' | ' | ' | 344 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit support to Patriot | ' | ' | ' | ' | ' | ' | 140 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit support to Patriot ending after five years | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' |
Coal Act Liabilities Assumption Agreement | ' | ' | ' | ' | ' | ' | 56 | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120 | 140 |
Approximate minimum in litigation costs related to the Patriot bankruptcy | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate maximum in litigation costs related to the Patriot bankruptcy | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of individual plaintiffs involved in class action lawsuit | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' |
Number of national priority list sites based on the Superfund Amendments and Reauthorization Act of 1986 at which Gold Fields or the former affiliate, has been named a potentially responsible party (PRP) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' |
Number of additional national priority list sites in which claims were asserted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' |
Total number of national priority list sites | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' | ' | ' | ' |
Reduced number of national priority list sites due to completion of work, transfer or regulatory inactivity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' |
Undiscounted environmental clean-up liabilities, total | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59 | 46.7 | ' | ' | ' | ' |
Undiscounted environmental clean-up liabilities, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.80 | $10.60 | ' | ' | ' | ' |
Capacity Of New Electricity Generation Project | 1,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undivided Interest Percent Of New Electricity Generation Project | 5.06% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating segment results | ' | ' | ' | ' |
Revenues | $1,797.60 | $2,058.80 | $5,270.90 | $6,060.60 |
Adjusted EBITDA | 312 | 467.6 | 846.4 | 1,429.20 |
Reconciliation Of Adjusted EBITDA To Consolidated Income From Continuing Operations, Net of Income Taxes [Abstract] | ' | ' | ' | ' |
Adjusted EBITDA | 312 | 467.6 | 846.4 | 1,429.20 |
Depreciation, depletion and amortization | 186.4 | 172.5 | 542.8 | 470.7 |
Asset impairment | 0 | 7.7 | 21.5 | 7.7 |
Amortization of basis difference related to equity affiliates | 0 | -0.2 | 4 | 3 |
Asset retirement obligation expenses | 13.4 | 21.1 | 50.7 | 53.3 |
Interest expense | 111 | 99.4 | 323.1 | 308.3 |
Interest income | -4.2 | -5.1 | -11.2 | -19.7 |
Income tax (benefit) provision | -18.6 | 49.3 | -199.6 | 85.5 |
Income from continuing operations, net of income taxes | 24 | 122.9 | 115.1 | 520.4 |
Australian Mining [Member] | ' | ' | ' | ' |
Operating segment results | ' | ' | ' | ' |
Revenues | 705.3 | 866 | 2,188.10 | 2,605 |
Adjusted EBITDA | 74.8 | 221.4 | 287.7 | 757.4 |
Reconciliation Of Adjusted EBITDA To Consolidated Income From Continuing Operations, Net of Income Taxes [Abstract] | ' | ' | ' | ' |
Adjusted EBITDA | 74.8 | 221.4 | 287.7 | 757.4 |
Western U.S. Mining [Member] | ' | ' | ' | ' |
Operating segment results | ' | ' | ' | ' |
Revenues | 705.4 | 783.5 | 1,986.40 | 2,213.50 |
Adjusted EBITDA | 193.5 | 243.9 | 508.9 | 616.3 |
Reconciliation Of Adjusted EBITDA To Consolidated Income From Continuing Operations, Net of Income Taxes [Abstract] | ' | ' | ' | ' |
Adjusted EBITDA | 193.5 | 243.9 | 508.9 | 616.3 |
Midwestern U.S. Mining [Member] | ' | ' | ' | ' |
Operating segment results | ' | ' | ' | ' |
Revenues | 346.6 | 355.7 | 1,013.30 | 1,050.30 |
Adjusted EBITDA | 112.4 | 103.5 | 331.5 | 317.4 |
Reconciliation Of Adjusted EBITDA To Consolidated Income From Continuing Operations, Net of Income Taxes [Abstract] | ' | ' | ' | ' |
Adjusted EBITDA | 112.4 | 103.5 | 331.5 | 317.4 |
Trading and Brokerage [Member] | ' | ' | ' | ' |
Operating segment results | ' | ' | ' | ' |
Revenues | 32.1 | 45.6 | 54.6 | 173.7 |
Adjusted EBITDA | 17.2 | 35.7 | -7.8 | 109.2 |
Reconciliation Of Adjusted EBITDA To Consolidated Income From Continuing Operations, Net of Income Taxes [Abstract] | ' | ' | ' | ' |
Adjusted EBITDA | 17.2 | 35.7 | -7.8 | 109.2 |
Corporate and Other [Member] | ' | ' | ' | ' |
Operating segment results | ' | ' | ' | ' |
Revenues | 8.2 | 8 | 28.5 | 18.1 |
Adjusted EBITDA | -85.9 | -136.9 | -273.9 | -371.1 |
Reconciliation Of Adjusted EBITDA To Consolidated Income From Continuing Operations, Net of Income Taxes [Abstract] | ' | ' | ' | ' |
Adjusted EBITDA | ($85.90) | ($136.90) | ($273.90) | ($371.10) |
Supplemental_GuarantorNonGuara2
Supplemental Guarantor/Non-Guarantor Financial Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Total revenues | $1,797.60 | $2,058.80 | $5,270.90 | $6,060.60 |
Operating costs and expenses (exclusive of items shown separately below) | 1,432.10 | 1,501.30 | 4,258.70 | 4,389.10 |
Depreciation, depletion and amortization | 186.4 | 172.5 | 542.8 | 470.7 |
Asset retirement obligation expenses | 13.4 | 21.1 | 50.7 | 53.3 |
Selling and administrative expenses | 55 | 68.7 | 184.1 | 202.4 |
Net gain on disposal or exchange of assets | -4.1 | -0.2 | -49.9 | -7.6 |
Asset impairment | 0 | 7.7 | 21.5 | 7.7 |
(Income) loss from equity affiliates and investment in subsidiaries | 2.6 | 21.2 | 35.6 | 50.5 |
Interest expense | 111 | 99.4 | 323.1 | 308.3 |
Interest income | -4.2 | -5.1 | -11.2 | -19.7 |
Unrealized (gain) loss on derivatives | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations before income taxes | 5.4 | 172.2 | -84.5 | 605.9 |
Income tax provision (benefit) | -18.6 | 49.3 | -199.6 | 85.5 |
(Loss) income from continuing operations, net of income taxes | 24 | 122.9 | 115.1 | 520.4 |
Loss from discontinued operations, net of income taxes | -43.1 | -81.3 | -66.5 | -92.7 |
Net (loss) income | -19.1 | 41.6 | 48.6 | 427.7 |
Less: Net income (loss) attributable to noncontrolling interests | 7 | -1.3 | 7.8 | 7.4 |
Net (loss) income attributable to common stockholders | -26.1 | 42.9 | 40.8 | 420.3 |
Other comprehensive income (loss), net of income taxes | 14.1 | 76.4 | -416.9 | 165.6 |
Comprehensive (loss) income | -5 | 118 | -368.3 | 593.3 |
Comprehensive (loss) income attributable to common stockholders | -12 | 119.3 | -376.1 | 585.9 |
Parent Company [Member] | ' | ' | ' | ' |
Total revenues | 0 | 0 | 0 | 0 |
Operating costs and expenses (exclusive of items shown separately below) | -14.4 | -95.6 | -168.9 | -313.2 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Asset retirement obligation expenses | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 11.2 | 8.3 | 39.5 | 29.2 |
Net gain on disposal or exchange of assets | 0 | 0 | 0 | 0 |
Asset impairment | ' | 0 | 21.5 | 0 |
(Income) loss from equity affiliates and investment in subsidiaries | -98 | -117 | -192.1 | -407.9 |
Interest expense | 113 | 101.8 | 316.2 | 312.1 |
Interest income | -0.1 | -72.9 | -68.3 | -224.3 |
Unrealized (gain) loss on derivatives | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations before income taxes | -11.7 | 175.4 | 52.1 | 604.1 |
Income tax provision (benefit) | 10 | 131.8 | 0.5 | 182.7 |
(Loss) income from continuing operations, net of income taxes | -21.7 | 43.6 | 51.6 | 421.4 |
Loss from discontinued operations, net of income taxes | -4.4 | -0.7 | -10.8 | -1.1 |
Net (loss) income | -26.1 | 42.9 | 40.8 | 420.3 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) income attributable to common stockholders | -26.1 | 42.9 | 40.8 | 420.3 |
Other comprehensive income (loss), net of income taxes | 14.1 | 76.4 | -416.9 | 165.6 |
Comprehensive (loss) income | -12 | 119.3 | -376.1 | 585.9 |
Comprehensive (loss) income attributable to common stockholders | -12 | 119.3 | -376.1 | 585.9 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Total revenues | 1,005.80 | 1,336.90 | 2,992.90 | 3,539.20 |
Operating costs and expenses (exclusive of items shown separately below) | 755.6 | 875.1 | 2,279.50 | 2,539.20 |
Depreciation, depletion and amortization | 83 | 84.8 | 248.1 | 232 |
Asset retirement obligation expenses | 4.8 | 11.8 | 26.6 | 34.7 |
Selling and administrative expenses | 38.5 | 54.5 | 125.7 | 154.5 |
Net gain on disposal or exchange of assets | -4 | -1.4 | -49.8 | -6.3 |
Asset impairment | ' | 7.7 | 0 | 7.7 |
(Income) loss from equity affiliates and investment in subsidiaries | 2 | 1.9 | 10.4 | 5.7 |
Interest expense | 88.2 | 5.8 | 99.2 | 12.9 |
Interest income | -98.8 | -46.8 | -138.5 | -112.6 |
Unrealized (gain) loss on derivatives | -19.7 | -112.3 | 441.9 | -69.6 |
(Loss) income from continuing operations before income taxes | 156.2 | 455.8 | -50.2 | 741 |
Income tax provision (benefit) | -32.2 | 101.7 | -117.4 | 155.3 |
(Loss) income from continuing operations, net of income taxes | 188.4 | 354.1 | 67.2 | 585.7 |
Loss from discontinued operations, net of income taxes | -1.8 | -75.9 | -4.3 | -78 |
Net (loss) income | 186.6 | 278.2 | 62.9 | 507.7 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) income attributable to common stockholders | 186.6 | 278.2 | 62.9 | 507.7 |
Other comprehensive income (loss), net of income taxes | 14.2 | 13.5 | 42.7 | 40.9 |
Comprehensive (loss) income | 200.8 | 291.7 | 105.6 | 548.6 |
Comprehensive (loss) income attributable to common stockholders | 200.8 | 291.7 | 105.6 | 548.6 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Total revenues | 823.8 | 778.3 | 2,438.80 | 2,694.40 |
Operating costs and expenses (exclusive of items shown separately below) | 722.9 | 778.2 | 2,308.90 | 2,336.10 |
Depreciation, depletion and amortization | 103.4 | 87.7 | 294.7 | 238.7 |
Asset retirement obligation expenses | 8.6 | 9.3 | 24.1 | 18.6 |
Selling and administrative expenses | 5.3 | 5.9 | 18.9 | 18.7 |
Net gain on disposal or exchange of assets | -0.1 | 1.2 | -0.1 | -1.3 |
Asset impairment | ' | 0 | 0 | 0 |
(Income) loss from equity affiliates and investment in subsidiaries | 0.6 | 19.3 | 25.2 | 44.8 |
Interest expense | 22.6 | 124.4 | 142.8 | 350.3 |
Interest income | -18.1 | -18 | -39.5 | -49.8 |
Unrealized (gain) loss on derivatives | 19.7 | 112.3 | -441.9 | 69.6 |
(Loss) income from continuing operations before income taxes | -41.1 | -342 | 105.7 | -331.3 |
Income tax provision (benefit) | 3.6 | -184.2 | -82.7 | -252.5 |
(Loss) income from continuing operations, net of income taxes | -44.7 | -157.8 | 188.4 | -78.8 |
Loss from discontinued operations, net of income taxes | -36.9 | -4.7 | -51.4 | -13.6 |
Net (loss) income | -81.6 | -162.5 | 137 | -92.4 |
Less: Net income (loss) attributable to noncontrolling interests | 7 | -1.3 | 7.8 | 7.4 |
Net (loss) income attributable to common stockholders | -88.6 | -161.2 | 129.2 | -99.8 |
Other comprehensive income (loss), net of income taxes | -36.4 | -14.6 | -100.5 | 134.2 |
Comprehensive (loss) income | -118 | -177.1 | 36.5 | 41.8 |
Comprehensive (loss) income attributable to common stockholders | -125 | -175.8 | 28.7 | 34.4 |
Consolidation, Eliminations [Member] | ' | ' | ' | ' |
Total revenues | -32 | -56.4 | -160.8 | -173 |
Operating costs and expenses (exclusive of items shown separately below) | -32 | -56.4 | -160.8 | -173 |
Depreciation, depletion and amortization | 0 | 0 | 0 | 0 |
Asset retirement obligation expenses | 0 | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0 | 0 | 0 |
Net gain on disposal or exchange of assets | 0 | 0 | 0 | 0 |
Asset impairment | ' | 0 | 0 | 0 |
(Income) loss from equity affiliates and investment in subsidiaries | 98 | 117 | 192.1 | 407.9 |
Interest expense | -112.8 | -132.6 | -235.1 | -367 |
Interest income | 112.8 | 132.6 | 235.1 | 367 |
Unrealized (gain) loss on derivatives | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations before income taxes | -98 | -117 | -192.1 | -407.9 |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
(Loss) income from continuing operations, net of income taxes | -98 | -117 | -192.1 | -407.9 |
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net (loss) income | -98 | -117 | -192.1 | -407.9 |
Less: Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net (loss) income attributable to common stockholders | -98 | -117 | -192.1 | -407.9 |
Other comprehensive income (loss), net of income taxes | 22.2 | 1.1 | 57.8 | -175.1 |
Comprehensive (loss) income | -75.8 | -115.9 | -134.3 | -583 |
Comprehensive (loss) income attributable to common stockholders | ($75.80) | ($115.90) | ($134.30) | ($583) |
Supplemental_GuarantorNonGuara3
Supplemental Guarantor/Non-Guarantor Financial Information (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | $551.30 | $558.80 | $648 | $799.10 |
Accounts receivable, net | 701.7 | 737.8 | ' | ' |
Receivables from affiliates, net | 0 | 0 | ' | ' |
Inventories | 563.2 | 548.4 | ' | ' |
Assets from coal trading activities, net | 43 | 52.4 | ' | ' |
Deferred income taxes | 69.5 | 56.4 | ' | ' |
Other current assets | 359.1 | 621.7 | ' | ' |
Total current assets | 2,287.80 | 2,575.50 | ' | ' |
Property, plant, equipment and mine development, net | 11,448.30 | 11,801.70 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Investments and other assets | 1,154.80 | 1,431.80 | ' | ' |
Notes receivable from affiliates, net | 0 | 0 | ' | ' |
Total assets | 14,890.90 | 15,809 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 34.2 | 47.8 | ' | ' |
Payables to affiliates, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Liabilities from coal trading activities, net | 10 | 19.4 | ' | ' |
Accounts payable and accrued expenses | 1,615.30 | 1,606.90 | ' | ' |
Total current liabilities | 1,659.50 | 1,674.10 | ' | ' |
Long-term debt, less current maturities | 5,973.30 | 6,205.10 | ' | ' |
Deferred income taxes | 237 | 577.3 | ' | ' |
Notes payable to affiliates, net | 0 | 0 | ' | ' |
Other noncurrent liabilities | 2,486.20 | 2,413.70 | ' | ' |
Total liabilities | 10,356 | 10,870.20 | ' | ' |
Peabody Energy Corporation's stockholders' equity | 4,498.80 | 4,904.90 | ' | ' |
Noncontrolling interests | 36.1 | 33.9 | ' | ' |
Total stockholders' equity | 4,534.90 | 4,938.80 | ' | ' |
Total liabilities and stockholders' equity | 14,890.90 | 15,809 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 353.7 | 269.6 | 237.9 | 283.2 |
Accounts receivable, net | 1.8 | 3.6 | ' | ' |
Receivables from affiliates, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Assets from coal trading activities, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 6.7 | 275 | ' | ' |
Total current assets | 362.2 | 548.2 | ' | ' |
Property, plant, equipment and mine development, net | 0 | 0 | ' | ' |
Deferred income taxes | 163.3 | ' | ' | ' |
Investments and other assets | 11,789.40 | 9,524.70 | ' | ' |
Notes receivable from affiliates, net | 0 | 3,421.30 | ' | ' |
Total assets | 12,314.90 | 13,494.20 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 12 | 0 | ' | ' |
Payables to affiliates, net | 355.6 | 2,309.30 | ' | ' |
Deferred income taxes | 3.1 | 3.2 | ' | ' |
Liabilities from coal trading activities, net | 0 | 0 | ' | ' |
Accounts payable and accrued expenses | 229 | 63.3 | ' | ' |
Total current liabilities | 599.7 | 2,375.80 | ' | ' |
Long-term debt, less current maturities | 5,961.10 | 6,114.50 | ' | ' |
Deferred income taxes | 0 | 43.2 | ' | ' |
Notes payable to affiliates, net | 1,032.60 | 0 | ' | ' |
Other noncurrent liabilities | 222.7 | 55.8 | ' | ' |
Total liabilities | 7,816.10 | 8,589.30 | ' | ' |
Peabody Energy Corporation's stockholders' equity | 4,498.80 | 4,904.90 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total stockholders' equity | 4,498.80 | 4,904.90 | ' | ' |
Total liabilities and stockholders' equity | 12,314.90 | 13,494.20 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0.3 | 0.3 | 0.2 | 0.8 |
Accounts receivable, net | 38.2 | 5 | ' | ' |
Receivables from affiliates, net | 425.2 | 2,904.40 | ' | ' |
Inventories | 264.7 | 271.4 | ' | ' |
Assets from coal trading activities, net | 36.4 | 87.5 | ' | ' |
Deferred income taxes | 49.6 | 57.3 | ' | ' |
Other current assets | 60.9 | 0 | ' | ' |
Total current assets | 875.3 | 3,325.90 | ' | ' |
Property, plant, equipment and mine development, net | 5,005.70 | 5,120.80 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Investments and other assets | 7.5 | 0 | ' | ' |
Notes receivable from affiliates, net | 1,621.70 | 1,100.40 | ' | ' |
Total assets | 7,510.20 | 9,547.10 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 0.1 | 0 | ' | ' |
Payables to affiliates, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Liabilities from coal trading activities, net | 1.5 | 4 | ' | ' |
Accounts payable and accrued expenses | 598.8 | 595 | ' | ' |
Total current liabilities | 600.4 | 599 | ' | ' |
Long-term debt, less current maturities | 6.5 | 6.6 | ' | ' |
Deferred income taxes | 207.7 | 142 | ' | ' |
Notes payable to affiliates, net | 0 | 0 | ' | ' |
Other noncurrent liabilities | 1,907.90 | 1,893.90 | ' | ' |
Total liabilities | 2,722.50 | 2,641.50 | ' | ' |
Peabody Energy Corporation's stockholders' equity | 4,787.70 | 6,905.60 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total stockholders' equity | 4,787.70 | 6,905.60 | ' | ' |
Total liabilities and stockholders' equity | 7,510.20 | 9,547.10 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 197.3 | 288.9 | 409.9 | 515.1 |
Accounts receivable, net | 661.7 | 729.2 | ' | ' |
Receivables from affiliates, net | 0 | 0 | ' | ' |
Inventories | 298.5 | 277 | ' | ' |
Assets from coal trading activities, net | 6.6 | 0 | ' | ' |
Deferred income taxes | 23 | 2.3 | ' | ' |
Other current assets | 291.5 | 354.6 | ' | ' |
Total current assets | 1,478.60 | 1,652 | ' | ' |
Property, plant, equipment and mine development, net | 6,442.60 | 6,680.90 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Investments and other assets | 1,264.60 | 1,037 | ' | ' |
Notes receivable from affiliates, net | 0 | 0 | ' | ' |
Total assets | 9,185.80 | 9,369.90 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 22.1 | 47.8 | ' | ' |
Payables to affiliates, net | 69.6 | 595.1 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Liabilities from coal trading activities, net | 8.5 | 50.5 | ' | ' |
Accounts payable and accrued expenses | 787.5 | 956.5 | ' | ' |
Total current liabilities | 887.7 | 1,649.90 | ' | ' |
Long-term debt, less current maturities | 5.7 | 84 | ' | ' |
Deferred income taxes | 192.6 | 392.1 | ' | ' |
Notes payable to affiliates, net | 589.1 | 4,521.70 | ' | ' |
Other noncurrent liabilities | 355.6 | 464 | ' | ' |
Total liabilities | 2,030.70 | 7,111.70 | ' | ' |
Peabody Energy Corporation's stockholders' equity | 7,119 | 2,224.30 | ' | ' |
Noncontrolling interests | 36.1 | 33.9 | ' | ' |
Total stockholders' equity | 7,155.10 | 2,258.20 | ' | ' |
Total liabilities and stockholders' equity | 9,185.80 | 9,369.90 | ' | ' |
Reclassifications/Eliminations [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Receivables from affiliates, net | -425.2 | -2,904.40 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Assets from coal trading activities, net | 0 | -35.1 | ' | ' |
Deferred income taxes | -3.1 | -3.2 | ' | ' |
Other current assets | 0 | -7.9 | ' | ' |
Total current assets | -428.3 | -2,950.60 | ' | ' |
Property, plant, equipment and mine development, net | 0 | 0 | ' | ' |
Deferred income taxes | -163.3 | ' | ' | ' |
Investments and other assets | -11,906.70 | -9,129.90 | ' | ' |
Notes receivable from affiliates, net | -1,621.70 | -4,521.70 | ' | ' |
Total assets | -14,120 | -16,602.20 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Payables to affiliates, net | -425.2 | -2,904.40 | ' | ' |
Deferred income taxes | -3.1 | -3.2 | ' | ' |
Liabilities from coal trading activities, net | 0 | -35.1 | ' | ' |
Accounts payable and accrued expenses | 0 | -7.9 | ' | ' |
Total current liabilities | -428.3 | -2,950.60 | ' | ' |
Long-term debt, less current maturities | 0 | 0 | ' | ' |
Deferred income taxes | -163.3 | 0 | ' | ' |
Notes payable to affiliates, net | -1,621.70 | -4,521.70 | ' | ' |
Other noncurrent liabilities | 0 | 0 | ' | ' |
Total liabilities | -2,213.30 | -7,472.30 | ' | ' |
Peabody Energy Corporation's stockholders' equity | -11,906.70 | -9,129.90 | ' | ' |
Noncontrolling interests | 0 | 0 | ' | ' |
Total stockholders' equity | -11,906.70 | -9,129.90 | ' | ' |
Total liabilities and stockholders' equity | ($14,120) | ($16,602.20) | ' | ' |
Supplemental_GuarantorNonGuara4
Supplemental Guarantor/Non-Guarantor Financial Information (Details 2) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities | ' | ' |
Net cash provided by (used In) continuing operations | $577.60 | $1,373.70 |
Net cash (used in) provided by discontinued operations | -33.6 | -82.2 |
Net cash provided by (used in) operating activities | 544 | 1,291.50 |
Cash Flows From Investing Activities | ' | ' |
Additions to property, plant, equipment and mine development | -228.7 | -732.1 |
Changes in accrued expenses related to capital expenditures | -102.6 | 0 |
Federal coal lease expenditures | -89.5 | -247.9 |
Investment in Prairie State Energy Campus | 0 | -9.4 |
Proceeds from disposal of assets, net of notes receivable | 133.3 | 93.5 |
Purchases of debt securities | -9.9 | -23.8 |
Proceeds from sales and maturities of debt securities | 17.7 | 39 |
Proceeds from the maturity of short-term investments | 4.8 | 0 |
Contributions to joint ventures | -539.8 | -531.2 |
Distributions from joint ventures | 576.6 | 527.7 |
Advances to related parties | -39.5 | -743.4 |
Repayment of loans from related parties | 22.7 | 720.2 |
Other, net | -4.2 | -3.2 |
Net cash used in continuing operations | -259.1 | -910.6 |
Net cash used in discontinued operations | -1 | -11.2 |
Net cash used in investing activities | -260.1 | -921.8 |
Cash Flows From Financing Activities | ' | ' |
Repayments of long-term debt | -1,384 | -305.7 |
Proceeds from long-term debt | 1,188 | 0 |
Common stock repurchase | 0 | -99.9 |
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | 0 | -49.8 |
Dividends paid | -68.8 | -69.1 |
Payments of debt issuance costs | -22.8 | 0 |
Repurchase of employee common stock relinquished for tax withholding | -2.9 | -8.3 |
Excess tax benefits related to share-based compensation | 0 | 3.6 |
Other, net | -0.9 | 8.4 |
Transactions with affiliates, net | 0 | 0 |
Net cash (used in) provided by financing activities | -291.4 | -520.8 |
Net change in cash and cash equivalents | -7.5 | -151.1 |
Cash and cash equivalents at beginning of period | 558.8 | 799.1 |
Cash and cash equivalents at end of period | 551.3 | 648 |
Parent Company [Member] | ' | ' |
Cash Flows From Operating Activities | ' | ' |
Net cash provided by (used In) continuing operations | 98.1 | 252.2 |
Net cash (used in) provided by discontinued operations | -14.3 | -1.6 |
Net cash provided by (used in) operating activities | 83.8 | 250.6 |
Cash Flows From Investing Activities | ' | ' |
Additions to property, plant, equipment and mine development | 0 | 0 |
Changes in accrued expenses related to capital expenditures | 0 | ' |
Federal coal lease expenditures | 0 | 0 |
Investment in Prairie State Energy Campus | ' | 0 |
Proceeds from disposal of assets, net of notes receivable | 0 | 0 |
Purchases of debt securities | 0 | 0 |
Proceeds from sales and maturities of debt securities | 0 | 0 |
Proceeds from the maturity of short-term investments | 0 | ' |
Contributions to joint ventures | 0 | 0 |
Distributions from joint ventures | 0 | 0 |
Advances to related parties | 0 | 0 |
Repayment of loans from related parties | 0 | 0 |
Other, net | 0 | 0 |
Net cash used in continuing operations | 0 | 0 |
Net cash used in discontinued operations | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash Flows From Financing Activities | ' | ' |
Repayments of long-term debt | -1,331.30 | -285.3 |
Proceeds from long-term debt | 1,188 | ' |
Common stock repurchase | ' | -99.9 |
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | ' | 0 |
Dividends paid | -68.8 | -69.1 |
Payments of debt issuance costs | -22.8 | ' |
Repurchase of employee common stock relinquished for tax withholding | -2.9 | -8.3 |
Excess tax benefits related to share-based compensation | ' | 3.6 |
Other, net | 6.7 | 9.4 |
Transactions with affiliates, net | 231.4 | 153.7 |
Net cash (used in) provided by financing activities | 0.3 | -295.9 |
Net change in cash and cash equivalents | 84.1 | -45.3 |
Cash and cash equivalents at beginning of period | 269.6 | 283.2 |
Cash and cash equivalents at end of period | 353.7 | 237.9 |
Guarantor Subsidiaries [Member] | ' | ' |
Cash Flows From Operating Activities | ' | ' |
Net cash provided by (used In) continuing operations | 687.4 | 1,225 |
Net cash (used in) provided by discontinued operations | -0.3 | -8 |
Net cash provided by (used in) operating activities | 687.1 | 1,217 |
Cash Flows From Investing Activities | ' | ' |
Additions to property, plant, equipment and mine development | -65.1 | -188.3 |
Changes in accrued expenses related to capital expenditures | -2.4 | ' |
Federal coal lease expenditures | -89.5 | -247.9 |
Investment in Prairie State Energy Campus | ' | -9.4 |
Proceeds from disposal of assets, net of notes receivable | 48.3 | 59.3 |
Purchases of debt securities | 0 | 0 |
Proceeds from sales and maturities of debt securities | 0 | 0 |
Proceeds from the maturity of short-term investments | 0 | ' |
Contributions to joint ventures | 0 | 0 |
Distributions from joint ventures | 0 | 0 |
Advances to related parties | 0 | 0 |
Repayment of loans from related parties | 0 | 0 |
Other, net | -4.1 | -3 |
Net cash used in continuing operations | -112.8 | -389.3 |
Net cash used in discontinued operations | 0 | -1.9 |
Net cash used in investing activities | -112.8 | -391.2 |
Cash Flows From Financing Activities | ' | ' |
Repayments of long-term debt | -0.1 | -0.3 |
Proceeds from long-term debt | 0 | ' |
Common stock repurchase | ' | 0 |
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | ' | 0 |
Dividends paid | 0 | 0 |
Payments of debt issuance costs | 0 | ' |
Repurchase of employee common stock relinquished for tax withholding | 0 | 0 |
Excess tax benefits related to share-based compensation | ' | 0 |
Other, net | -1.7 | 0 |
Transactions with affiliates, net | -572.5 | -826.1 |
Net cash (used in) provided by financing activities | -574.3 | -826.4 |
Net change in cash and cash equivalents | 0 | -0.6 |
Cash and cash equivalents at beginning of period | 0.3 | 0.8 |
Cash and cash equivalents at end of period | 0.3 | 0.2 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash Flows From Operating Activities | ' | ' |
Net cash provided by (used In) continuing operations | -207.9 | -103.5 |
Net cash (used in) provided by discontinued operations | -19 | -72.6 |
Net cash provided by (used in) operating activities | -226.9 | -176.1 |
Cash Flows From Investing Activities | ' | ' |
Additions to property, plant, equipment and mine development | -163.6 | -543.8 |
Changes in accrued expenses related to capital expenditures | -100.2 | ' |
Federal coal lease expenditures | 0 | 0 |
Investment in Prairie State Energy Campus | ' | 0 |
Proceeds from disposal of assets, net of notes receivable | 85 | 34.2 |
Purchases of debt securities | -9.9 | -23.8 |
Proceeds from sales and maturities of debt securities | 17.7 | 39 |
Proceeds from the maturity of short-term investments | 4.8 | ' |
Contributions to joint ventures | -539.8 | -531.2 |
Distributions from joint ventures | 576.6 | 527.7 |
Advances to related parties | -39.5 | -743.4 |
Repayment of loans from related parties | 22.7 | 720.2 |
Other, net | -0.1 | -0.2 |
Net cash used in continuing operations | -146.3 | -521.3 |
Net cash used in discontinued operations | -1 | -9.3 |
Net cash used in investing activities | -147.3 | -530.6 |
Cash Flows From Financing Activities | ' | ' |
Repayments of long-term debt | -52.6 | -20.1 |
Proceeds from long-term debt | 0 | ' |
Common stock repurchase | ' | 0 |
Acquisition of MCG Coal Holdings Pty Ltd noncontrolling interests | ' | -49.8 |
Dividends paid | 0 | 0 |
Payments of debt issuance costs | 0 | ' |
Repurchase of employee common stock relinquished for tax withholding | 0 | 0 |
Excess tax benefits related to share-based compensation | ' | 0 |
Other, net | -5.9 | -1 |
Transactions with affiliates, net | 341.1 | 672.4 |
Net cash (used in) provided by financing activities | 282.6 | 601.5 |
Net change in cash and cash equivalents | -91.6 | -105.2 |
Cash and cash equivalents at beginning of period | 288.9 | 515.1 |
Cash and cash equivalents at end of period | $197.30 | $409.90 |
Supplemental_GuarantorNonGuara5
Supplemental Guarantor/Non-Guarantor Financial Information Textuals (Details) | Sep. 30, 2013 |
6.00% Senior Notes due November 2018 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% |
6.50% Senior Notes due September 2020 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.50% |
6.25% Senior Notes due November 2021 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
7.875% Senior Notes due November 2026 [Member] | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.88% |
7.375% Senior Notes due November 2016 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 7.38% |